UAE-based Lulu Group will construct an international convention centre, hotel and shopping mall in this coastal city of Andhra Pradesh with an investment of Rs 2,000 crore.
The integrated project coming up at RK Beach is expected to create employment for 10,000 people.
The foundation stone for the project was laid by Vice President M. Venkaiah Naidu during the inaugural session of CII Partnership Summit on Saturday.
Andhra Pradesh Chief Minister N. Chandrababu Naidu, central ministers Suresh Prabhu, Ashok Gajapathi Raju and Lulu Group chairman M. A. Yusuff Ali were present.
Yusuff Ali said the project will be completed in three years. He said the project will provide 5,000 direct jobs and many indirect jobs.
While he did not reveal the investment figure in his speech, according to a statement from the Chief Minister's office, the project will come up at a cost of Rs 2,000 crore. The statement also said the project will provide employment to 10,000 people.
Yusuff Ali said the facility would bring international conventions and tourists to the Visakhapatnam.
Chandrababu Naidu said this would be prestigious project for the coastal city. He urged Lulu Group to complete the project in 30 months.
He hoped that the convention centre would be ready next year to host next Partnership Summit.
Calling on Lulu Group to ensure that the Vizag project is better than their mall in Kochi, he said he visited the Lulu mall in Kochi recently and pointed out that it has daily footfall of 80,000.