Visakhapatnam, Feb 25 (IANS): Ace Urban Infocity Limited plans to develop a fully integrated innovation technology campus in this port city with an investment of Rs 3,220 crore, company officials said on Sunday.

The facility, first of its kind in India, is expected to create 18,000 jobs in IT and ITES innovation.

Andhra Pradesh government on Sunday signed a Memorandum of Understanding with Ace Urban Infocity at CII Partnership Summit here.

The officials from both sides signed the MoU in the presence of Chief Minister N. Chandrababu Naidu.

The innovation technology campus aims to attract global innovative companies to set up futuristic centres of excellence for research and implementation of cutting edge technologies like cloud computing, artificial intelligence, Internet of things and blockchain.

Ace Urban, formerly known as L&T Infocity, said it played a crucial role in realising Naidu's IT dream in Hyderabad 20 years ago when he was the Chief Minister of his undivided state.

The company had built the iconic Cyber Tower, beginning the IT revolution in Hyderabad. It also built Cyber Gateway, another landmark IT facility.

The company officials said 20 years later they want to work with Naidu to realise his dream of bringing world's top innovation companies to Visakhapatnam by creating smart and digital infrastructure.