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Consortium to invest 3,000 Cr

Consortium to invest 3,000 Cr
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Highlights

Singapore consortium, comprising Ascendas Singbridge Pvt Ltd and Sembcorp Development Ltd, will spend Rs 3,000 crore in 15 years at the start-up-area of 6.84 square kilometre for the development of infrastructure and construction of buildings in the new capital Amaravati. The Andhra Pradesh government signed an MoU with these two companies in this regard on Monday. 

Vijayawada: Singapore consortium, comprising Ascendas Singbridge Pvt Ltd and Sembcorp Development Ltd, will spend Rs 3,000 crore in 15 years at the start-up-area of 6.84 square kilometre for the development of infrastructure and construction of buildings in the new capital Amaravati.

The Andhra Pradesh government signed an MoU with these two companies in this regard on Monday. The state government is insisting that at least some construction activity should be initiated and buildings are grounded in two years in the core capital area as the AP state will go for Assembly elections in 2019.


HIGHLIGHTS:

  • CM seeks some tangible infrastructure including buildings in the next two years before elections
  • Consortium CEO says buildings to be constructed in core capital area will be used for corporate, commercial and govt administrative purposes

Chief Minister N Chandrababu Naidu asked the Singapore consortium delegation on Monday to start and show the physical work in two years to gain the confidence of the people. He made this plea after signing the MoU with the Singapore minister for trade and industry S Eswaran here.

The Chief Minister expressed confidence that world-class capital would be constructed at Amaravati and hoped the people of Singapore and its government would extend support. Initially, the consortium of two companies will study the needs of the capital and what types of buildings are to be constructed in the core capital area of 6.84 acres.

Before that, it will take one to two years to get the permissions for construction of structures from the state government, the Government of India and the Government of Singapore. These companies need permissions from various government departments. Soil and environmental tests will also be conducted.

Ascendas Singbridge India Operations and private funds Chief Executive Officer Sanjay Dutt said on Monday that the company in partnership with Sembcorp Development Ltd will spend Rs 3,000 crore in the start-up area of 6.84 sq km in Amaravati in the next 15 years.

He said buildings to be constructed in the core capital area would be used for corporate, commercial and government administrative purposes. Briefing media persons at a hotel here on Monday, Sanjay Dutt said the investment would be made in three phases.

Asked about top priority sector areas, he said the world and technology are changing by year and the consortium would take decisions as per the changes and needs.

“We have 20 years of experience in India and invested in many projects and can successfully meet the goals,” he added. He said key areas of development would be identified for construction of the world-class capital, said Sanjay Dutt.

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