Amaravati: Govt decision noted
A Singapore consortium has cancelled a project within the proposed multi-billion dollar-Amaravati capital city but Minister S. Iswaran was quick to assure that companies from the city state would continue to seek opportunities in Andhra Pradesh.
The closure is based on mutual consent between the State Government of Andhra Pradesh and the Singapore Consortium (comprising Ascendas Singbridge Pte Ltd (now part of CapitaLand Group) and Sembcorp Development Ltd), said the Ministry of Trade and Industry on 12 Nov 2019.
The Singapore Government noted the decision of Andhra Pradesh Government to close the Amaravati Capital City Start-Up Area project via a Government Order dated 11 November 2019.
Commenting on the decision, Minister-in-charge of Trade Relations with India, S Iswaran, said, “The Singapore Consortium was appointed by the Government of Andhra Pradesh in 2017 to help master develop the 6.84 km2 Start Up Area of its new capital city Amaravati.
“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,” he said.
In this instance, 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 be”cause 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,” assured Iswaran. fiinews.com
