CMR Group and Chandana Brothers’ Shopping Mall Private Limited have signed an MoU with Tourism Department for investment of over Rs.500 crore on developing convention centres, a five star hotel, multiplexes and entertainment centres on par with international standards in Visakhapatnam and a few other projects at Kakinada, Rajahmundry and Eluru.
After signing the MoU on Tuesday at the CII Partnership Summit on the last day, CMR Group chairman Mavuri Venkata Ramana told The Hindu that they would invest Rs.300 crore on developing two convention centres (2,000 and 750 capacity), a five-star hotel, an entertainment centre on par with international standards in an area of 18 acres at Madhurawada in the city.
The hotel will have 10 floors. Another project with an investment of about Rs.100 crore is proposed in an area of six acres also in city at Gajuwaka. It will have a convention centre with a capacity of 750, a shopping mall and an entertainment centre.
Mr. Ramana said they would undertake another project under BOT arrangement with APSRTC in Eluru in West Godavari district for building a shopping mall and multiplex and a convention hall with an investment of about Rs.80 crore. Similar facility on a smaller scale would also be developed at Kakinada, he said.
