Monday, Aug 10, 2020 | Last Update : 11:27 AM IST

139th Day Of Lockdown

Maharashtra51533235171017757 Tamil Nadu2969012386384927 Andhra Pradesh2278601387122036 Karnataka178087939083198 Delhi1454271305874111 Uttar Pradesh122609726502069 West Bengal95554671202059 Bihar7972051315429 Telangana7949555999627 Gujarat71064542382652 Assam5883842326145 Rajasthan5249738235789 Odisha4592731785321 Haryana4163534781483 Madhya Pradesh3902529020996 Kerala3433121832109 Jammu and Kashmir2489717003472 Punjab2390315319586 Jharkhand185168998177 Chhatisgarh12148880996 Uttarakhand96326134125 Goa871259575 Tripura6161417641 Puducherry5382320187 Manipur3752204411 Himachal Pradesh3371218114 Nagaland27819048 Arunachal Pradesh215514823 Chandigarh151590425 Meghalaya10624906 Sikkim8664971 Mizoram6082980
  India   All India  13 Nov 2019  Andhra govt cancels Amaravati city deal with Singapore companies

Andhra govt cancels Amaravati city deal with Singapore companies

ANI
Published : Nov 13, 2019, 9:42 am IST
Updated : Nov 13, 2019, 10:05 am IST

Andhra Capital Region Development Authority Commissioner concluded that objective of startup area had not served its purpose.

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. (Photo: File)
 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. (Photo: File)

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 government has approved to refrain from proceeding further in the Startup Area Development Project of 6.84 sq km and in-principle approval to wind up Amaravati Development Partners by voluntary liquidation on a mutual consent basis between the shareholders," said the order issued on Monday.

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 government also issued a statement saying that the decision was mutual but added that it had cost the consortium companies several million dollars.

 

"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.

He added: "Singapore companies remain interested in opportunities in Andhra Pradesh and other states because of the size and potential of the market."

Tags: andhra pradesh, amaravati, telugu desam party
Location: India, Andhra Pradesh