Hyderabad: The Amaravati Capital City startup project has been closed after the Andhra Pradesh government and Singapore government mutually agreed on its closure through AP government’s order dated 11 November 2019.
Sources said the closure was on mutual consent between the GoAP and the Singapore Consortium (comprising Ascendas Singbridge Pte Ltd (now part of CapitaLand Group) and Sembcorp Development Ltd, TOI reports.
Speaking of the decision taken by the AP government,
Minister-in-charge of trade relations S Iswaran said, “The Singapore Consortium
was appointed by the government of AP in 2017 to help master develop the
6.84-km startup area of Amaravati. We note that the newly-elected government
has decided not to proceed with the startup 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”
He added,”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. 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.”