The AP-Capital Region Development Authority (AP-CRDA)’s fund-raising plans for construction of Amaravati have got a big boost with the Housing and Urban Development Corporation (HUDCO) sanctioning Rs. 1,275 crore towards the first instalment of its committed loan of Rs.7,500 crore.
HUDCO Regional Chief L.V.S. Sudhakar Babu handed over a letter to that effect to CRDA Commissioner Cherukuri Sreedhar at the CRDA head office here on Tuesday.
Thanking HUDCO for the speedy response to the CRDA’s proposals, Mr. Sreedhar said the amount would be utilised for development of infrastructure like roads and drains in the first phase.
The Government of Andhra Pradesh and HUDCO had previously signed a Memorandum of Understanding for the loan tie-up. CRDA Directors K. Paleswara Rao (accounts) and R. Rama Krishna Rao (planning) and HUDCO Deputy General Manager (law) K.A. Raman were present.
A delegation of the Shanghai engineering branch of the China Nuclear Industry 22nd Construction Company Limited met AP-Capital Region Development Authority (AP-CRDA) Additional Commissioner V. Rama Manohara Rao and Executive Director (economic development) Y. Nagi Reddy and discussed potential investment avenues specifically power transmission, waste-water treatment, airports and tourism and hospitality projects in the capital region.
Mr. Manohara Rao unveiled the government’s vision to construct a world class city on the banks of River Krishna and explained the whole gamut of rules that had to be complied with from the conceptual stage.
The Chinese firm’s managing director Shane Kwan and Deputy General Manager Henry Woo expressed the inclination to take the budding relationship forward and they would come up with concrete proposals shortly.
Panchwati Group Vice-President Ritwik Ghosh and Executive Director Vijay Chowdary were among those present. The Group is a member of the Chinese consortium.
