Andhra Pradesh govt issues orders to liquidate Amaravati start-up area
More than a year after a consortium of Singapore companies pulled out of the project to develop a start-up area development project in Amaravati, the present capital city of Andhra Pradesh, the state government issued orders to liquidate the project.
A government order to this effect was issued by state municipal administration and urban development secretary J Syamala Rao on Wednesday.
According to the order, the state government has given approval to Amaravati Metropolitan Development Authority for the termination of agreements of concession and development and also shareholders’ agreement signed with the Singapore consortium for the start-up area development project at Amaravati under the auspices of Amaravati Development Partners (ADP) Private Ltd.
The government also authorised the officials concerned including Metropolitan Commissioner of Amaravati Metropolitan Region Development Authority (AMRDA), chairman and managing director of Amaravati Development Corporation Limited and the Board of Members of Amaravati Development Partners Pvt Limited (ADP) to execute the termination agreements.
The government authorised them to initiate the process of liquidation of the ADP forthwith as per the laws in force.
In 2017, the AP government led by then chief minister N Chandrababu Naidu had entered into an agreement with the consortium of Singapore companies Ascendas-Singbridge and Sembcorp Development for the development of Amaravati capital city start-up area project in 6.84 square kilometres (about 1,691 acres) of government land.
The consortium had a 58 per cent stake and the state government 42 per cent in the project. The ADP, the agency incorporated under this public-private partnership, was supposed to develop and market the available land in the start-up area for offices and other commercial activities to companies and institutions across the globe.
In November 2019, the Singapore Consortium pulled out of the project following change of guard in Andhra Pradesh. The closure of the project was based on mutual consent between the AP government and the consortium. “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,” Singapore minister for trade relations, S Iswaran, said in a statement then.
Later, the state government authorised the then APCRDA Commissioner (now commissioner of AMRDA) and ADCL chairman to finalise draft termination agreement for the project after working out all legal issues.
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