Singapore Agrees to Drop Amaravati Project Amicably

YS- Jagan - Singapore Consortium

Singapore Government on Tuesday announced that it has agreed with the decision by the Government of Andhra Pradesh to close the Amaravati Capital City Start-Up Area project through a Government Order dated 11 November 2019. It said the closure is based on mutual consent between the Singapore Consortium comprising Ascendas and Sembcorp and Andhra Pradesh Government.

The Singapore Government said that the Government of Andhra Pradesh had backed out from the proposal as the priorities of the new government changed. And the companies involved have already spent a few million dollars on the project.

This will mean that there is no risk of arbitration by the Singapore companies. The Singapore Consortium was appointed by the government of Andhra Pradesh in 2017 to master develop 6.84 Kilometers Startup area of Amaravati. However, the project did not take off as the companies played a waiting game until the elections are over.

Scrapping this project will definitely send wrong signals to the international investors.

What’s streaming on OTT? Consult the experts!

Follow @mirchi9 for more User Comments
Amaravati Issue Nothing to Lose and Something to Gain for BJP?Don't MissAmaravati Issue Nothing to Lose and Something to Gain for BJP?Union Government has filed an Affidavit in Andhra Pradesh High Court regarding the Capital issue...Nandamuri -balakrishna Unseen PicDon't MissNandamuri Mokshagna Was Never ReadyThis is one of the unseen pics of Balakrishna with his wife Vasundhara Devi and...Amid Jai Sriram Chants, Ram Lalla Returns to His KingdomDon't MissAmid Jai Sriram Chants, Ram Lalla Returns to His KingdomThe Long-Cherished Dream of Crores of Hindus is finally happening. Ram Lalla is returning to...Megastar Chiranjeevi's Birthday To Be Special in Many WaysDon't MissMegastar's Birthday To Be Special in Many WaysMegastar Chiranjeevi will be turning 65 on the 22nd of this month. Every Birthday of...Lack of Unity for Opposition Proves to be A Boon for JaganDon't MissLack of Unity for Opposition Proves to be A Boon for JaganLack of Unity between the Opposition Parties seems to be helping the Ruling Party big...
Mirchi9