Andhra govt cancels Amaravati city deal with Singapore companies

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Amaravati: The Andhra Pradesh government has cancelled an agreement with a consortium of Singaporean companies for the development of Amaravati capital city startup area project. Amaravati Development Corporation (ADC) and Singapore Amaravati Investments Holdings (SAIH) had formed a joint venture called Amaravati Development Partners to develop a startup area of 6.84 sq km in Amaravati capital region when the earlier Telugu Desam Party (TDP) government was in power. The Andhra Pradesh Capital Region Development Authority (APCRDA) Commissioner has concluded that the objective of startup area has not served its intended purpose. Accordingly, partner companies have been asked to withdraw their share capital. “The Singapore consortium companies have stated that the project cost them a few million dollars and that its closure does not impact their investment plans in India,” said Minister-in-charge of Trade Relations S Iswaran.