Andhra, HUDCO enter into ₹11,000 crore loan deal for Amaravati construction

Andhra Pradesh's Capital Region Development Authority and HUDCO inked a ₹11,000 cr loan agreement for the construction of Amaravati, government sources said

Amaravati, March 16 (PTI) Andhra Pradesh's Capital Region Development Authority and HUDCO inked a ₹11,000 crore loan agreement on Sunday for the construction of the greenfield capital city, Amaravati, Government sources said.

Andhra Pradesh's Capital Region Development Authority and HUDCO inked a ₹11,000 cr loan agreement for the construction of Amaravati, government sources said. (Representational Image)(Unsplash )

The agreement was signed in the presence of Chief Minister N Chandrababu Naidu at his residence in Undavalli of Guntur district.

"HUDCO and CRDA entered into the agreement in the presence of Chief Minister Chandrababu Naidu... As per this deal, HUDCO will extend a loan of ₹11,000 crore for the capital construction," said a press release.

A Housing and Urban Development Corporation (HUDCO) board meeting held in Mumbai on January 22 had given a green signal for the loan.

Municipal Minister P Narayana, HUDCO CMD Sanjay Kulshrestha and other officials were present during the signing of the agreement.