Hyderabad: Singapore Amaravati Investment Holdings (SAIH) formalised its collaboration with the Andhra Pradesh government to jointly master develop the Amaravati capital city start-up area with the Amaravati Development Corporation (ADC), a state government agency.
SAIH— a joint venture company that is wholly-owned by Ascendas-Singbridge Andhra Investment Holdings and Sembcorp Development India—and ADC will develop the start-up area, which lies within a 20-square kilometre seed development radius of Amaravati, which is Andhra Pradesh’s upcoming capital, along the Krishna river waterfront.
The start-up area is to be developed in phases over 15 to 20 years and is expected to be the first centre of activity, attracting settlers and investment into Amaravati City, said a press release from the offices of the Ascendas-Singbridge and Sembcorp groups on Thursday.
The project aims to be a greenfield development and includes infrastructure development to prepare the site for a mix of business, commercial and residential activities, as well as catalytic development in the start-up area. The Andhra Pradesh government will work with the master developers on industry positioning and investment promotion to bring economic activity to the city, added the release,
Amaravati Development Partners (ADP) was incorporated earlier by SAIH (holding 58% share) and the ADC (holding 42% share) for the joint development of the 684-hectare start-up area. The shareholders agreement for the establishment of ADP, which sets out the rights and obligations of SAIH and ADC as shareholders with regards to the development of the start-up area, was finalised and endorsed.
ADP also signed a concession and development agreement with the Andhra Pradesh government relating to development rights, licences and required authorisations/concessions for the said start-up area and to undertake catalytic developments. The signing took place on the sidelines of the Amaravati Partners Joint Implementation Steering Committee meeting chaired by S. Iswaran, minister-in-charge of trade relations, Singapore ministry of trade and industry, and Andhra Pradesh chief minister N. Chandrababu Naidu.