Thursday, May 18, 2006

Vizag Beach Resorts

An Indian-American couple, Prad and Kelly Sabharwal of St Louis, Missouri, is leading a $2 billion development at Vizag on India’s east coast, which will consist of tourist-resort hotels, business offices, conference centres, a medical complex, 2,000 homes, and the world’s largest water park.

A report says, convinced the Indian government, which owns the vacant land, to sign a memorandum of understanding last November allowing Sabharwal and his financial backers to develop the parcels in exchange for equity. The development, called Vizag Beach Resorts Private Ltd., is expected to create a substantial tax base and about 20,000 jobs when completed. The groundbreaking ceremony is set for August this year.

The port city of Vaizag is home to India’s largest shipbuilding yard, several oil refineries, pharmaceutical development and a steel plant. It is also becoming an increasingly popular seaside vacation spot.


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