The state government has finally extended an invitation to the Fortune-500 company Franklin Templeton. AP government asked the firm to build and invest in Visakhapatnam. It is learned that Karikala Valavan, Special Principal Secretary, Department of Industries, has written a letter to the company stating that the govt will allocate the required land. Intensive efforts were made during the last government to welcome the Franklin Templeton Company to Visakhapatnam.
After negotiations, the company agreed to come to Visakhapatnam. The land allotment agreement was signed in 2017. The company has invested about Rs 500 crore and agreed to provide high-end jobs to about 2,000 people. After the MoU, 40 acres of land was also allotted in Visakhapatnam.
However, the YCP, which is in opposition that day, has accused the TDP government of massive corruption in the allocation of land. After the YCP came to power in 2019, the land allotted to that company was allotted to another company. Recently the YCP government realized its mistake. About 25 acres of land will be allotted and invited to invest in Visakhapatnam itself. Officials say that they are waiting for a response from the firm.