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Andhra allots land for projects worth Rs 17,808 crore in new capital Amaravati

In May, the state government inked a pact with Singapore for developing an area of the capital as startup area in phases.

india Updated: Jun 14, 2017 20:58 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
Amaravati,Andhra Pradesh,Vellore Institute of Technology (VIT)
A representative photo of Andhra Pradesh's "world class" capital Amaravati. Chief minister Chandrababu Naidu wants the first phase of building to be completed by 2019. (Handout photo by AP government)

As Andhra Pradesh gears up to shape its new capital Amaravati, it has alloted 996 acres of land to a dozen institutions to set up educational, health and other bodies at a projected cost of Rs 17,808 crore.

“Work is in full swing to create a world-class infrastructure for Andhra Pradesh’s new capital Amaravati. A dozen institutions have been alloted 995.5 acre of land in Amaravati for projects worth Rs 17,808 crore,” an Andhra Pradesh government official told PTI.

The official said these projects will create 32,726 jobs. and the 12 institutions to come up will involve government as well as private bodies and include Rs 7,100 crore projects from Vellore Institute of Technology (VIT) University and SRM University.

Besides, Amrita University and Indo-UK Institute of Health have been alloted land at a cost of Rs 3,200 crore.

In addition, BR Medi city Health Care & Research is building its campus at an estimated cost of Rs 5,450 crore, the official said.

Land has also been allotted to Reserve Bank of India, Central Public Works Department, Central Institute of Design Tools, National Institute of Designs and AP Human Resources Development Institute, among other government institutes.

Last month, the Andhra Pradesh government inked a pact with Singapore for developing an area of 6.84 km at capital Amaravati as startup area in phases.

The two sides affirmed cooperation for economic development and master development of the startup area besides promotion of bilateral trade and investments and enhancing capacities of government departments.

A high-level Joint Implementation Steering Committee (JISC) and Joint Implementation Working Committee (JIWC) will also be formed with senior officials from both the governments for speedy implementation of the project.

An official statement said a Singapore consortium will form a project SPV - Amaravati Development Partner (ADP) with Amaravati Development Corporation (ADC).

The Singapore consortium will have an equity participation of Rs 306 crore (58%) while ADC will have Rs 222 crore participation (42%).

“ADP will develop an area of 1,691 acres in 15 years in three phases of each about 5 years,” an official statement has said adding estimated benefits include 2,50,000 jobs while contribution to GSDP will be Rs 1,15,000 crore.

First Published: Jun 14, 2017 20:58 IST