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Amaravati start-up project : Singapore terminates joint venture
The joint project between Singapore and Andhra Pradesh state government to develop the state’s new capital Amaravati was terminated officially, said the Singapore ministry of trade and industry in a statement on Tuesday.
Amaravati: The joint project between Singapore and Andhra Pradesh state government to develop the state's new capital Amaravati was terminated officially, said the Singapore ministry of trade and industry in a statement on Tuesday.
The statement noted that the decision by the government of Andhra Pradesh to close the Amaravati Capital City Start-Up Area project through a government order dated November 11 is based on mutual consent between the Andhra Pradesh government and a Singapore consortium.
"Following the change in the scenario for the development of Amaravati Capital City, it is no longer feasible to develop the Amaravati Capital City Start-up Area as originally planned," said Singapore Amaravati Investment Holdings (SAIH) in a separate statement.
"Therefore, our joint development company Amaravati Development Partners (ADP) and the state government of Andhra Pradesh have mutually agreed to terminate the project," it said.
In a statement, Singapore Minister-in-charge of Trade Relations S Iswaran said: "We note that the newly-elected government of Andhra Pradesh has decided not to proceed with the start-up area given its other priorities for the state.
Companies recognise such risks when venturing into any overseas market and factor them into their investment decisions.
"Singapore companies remain interested in opportunities in Andhra Pradesh and other Indian states because of the size and potential of the market.
Our economic agencies will continue to help our companies internationalise by exploring opportunities in India and other overseas markets."
Iswaran also noted that the Singapore consortium companies have stated that the project has cost them a few million dollars and that its closure does not impact their investment plans in India.
SAIH said in its statement: "As the project is still at its early stages and the land in the start-up area has yet to be made available to ADP for development, costs incurred are limited to design services prior to commencement of execution works on the ground, amounting to a few million dollars."
