The Andhra Pradesh government has decided to refrain from proceeding further in the Start-up Area Development Project of 6.84 sq. km and to wind up the Amaravati Development Partners Pvt. Ltd. (ADP) by voluntary liquidation on a mutual consent basis.
A GO said the decision was arrived at after careful examination of the project.
‘No longer feasible’
The Singapore government acknowledged on Tuesday the termination of the project in Amaravati awarded to a consortium of its companies by the then Chief Minister N. Chandrababu Naidu. The government in 2017 had forged a collaboration to develop the project, with the consortium holding the majority stake.
The project envisaged development and marketing of the available land in the start-up area for offices and other commercial activities to companies and institutions across the globe.
A statement issued by the Singapore Amaravati Investment Holdings (SAIH) said following a change in the scenario, it was no longer feasible to develop the proposed project as originally planned and therefore it was mutually agreed to terminate it.
Opportunities in A.P.
Singapore Minister in-charge of Trade Relations S. Iswaran, in a separate press statement, said: “We note that the newly elected government of A.P. has decided not to proceed with the start-up area given its other priorities for the State.”
Mr. Iswaran, however, said that Singapore companies remained interested in opportunities in Andhra Pradesh and other Indian States because of the size and potential of the market.
He said the project had cost the Singapore companies a few million dollars and that its closure would not impact their investment plans in India.
