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Key pact on Amaravati today
The APCRDA and a joint venture company of Singapore Consortium ‘Singapore-Amaravati Investments Holding Ltd’ (SAIH) will sign a “Concession and Development Agreement (CADA)” to develop Start-Up area in Amaravati during a joint implementation steering committee meeting in the presence of Chief Minister N Chandrababu Naidu and Singapore Minister Eswaran in Vijayawada on Thursday.
Amaravati: The APCRDA and a joint venture company of Singapore Consortium ‘Singapore-Amaravati Investments Holding Ltd’ (SAIH) will sign a “Concession and Development Agreement (CADA)” to develop Start-Up area in Amaravati during a joint implementation steering committee meeting in the presence of Chief Minister N Chandrababu Naidu and Singapore Minister Eswaran in Vijayawada on Thursday.
Development of the Start-Up area spread in 6.84 km on the southern banks of the river Krishna next to the government administrative core is set to take place in three phases. The Singapore Consortium and Amaravati Development Partners (ADP) signed the MoU on Start-Up area on May 15, 2017, but the Singapore Consortium comprising Ascendas-Singbridge Ltd and Sembcorp Development Ltd has not taken any steps towards developing the Start-Up area in Amaravati for one year reportedly raising several technical and legal issues.
The Singapore Consortium was reluctant to deal Start-Up area issues directly keeping some legal issues in mind and created another organisation ‘Singapore-Amaravati Investments Holding Ltd’ (SAIH) to oversee the deal on Start-Up area. The SAIH has been registered in Singapore and any legal issues can be dealt in courts in London only.
After the state government agreed for the proposal, the Singapore Consortium has now come forward to sign the CADA through the SAIH with CRDA and ADP to take forward the Start-Up area development project.
However, in a press release on Wednesday, the APCRDA said the joint implementation steering committee meeting (JISC) will discuss various issues pertaining to Amravati development, particularly the air connectivity between Vijayawada and Singapore, collaboration on matters of institutional development, establishment of district cooling mechanism in Amravati similar to Singapore district cooling.
Minister for Municipal Administration P Narayana said the first and second JISC meetings were fruitful and wished that the third JISC meeting will be a success for scaling up of Amaravati developmental activities.
During a teleconference with the APCRDA, ADC and other senior officials, the Chief Minister emphasized the need for CRDA for fast track implementation of the Amaravati urban asset and infrastructure management system with the support of global advance technology.
The government has expected that by developing around 1,691 acres in Start-Up area, the project will create 2.50 lakh jobs and contribute Rs 1.15 lakh crore to GSDP.
