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Ascendas-Sembcorp to co-develop start-up area in Amaravati

The start-up area, spread over 6.84 km, is being developed at a cost of Rs 528 crore and will come up in three phases of five years each.

, ET Bureau|
Updated: May 16, 2017, 05.02 PM IST
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For speedy implementation, a high level joint implementation committee will be formed with chief minister N. Chandrababu Naidu
For speedy implementation, a high level joint implementation committee will be formed with chief minister N. Chandrababu Naidu
HYDERABAD: The Andhra Pradesh government has awarded the master developmental rights for the start-up area in Amaravati to a consortium of Ascendas-Singbridge and Sembcorp Development, informed a senior company official on Monday.

The start-up area, spread over 6.84 km, is being developed at a cost of Rs 528 crore and will come up in three phases of five years each.

Miguel Ko, group chief executive officer of Ascendas-Singbridge, said, “This project will mark a new frontier in our ventures in India. We have been in India for over 20 years, with eight IT Parks across five cities. Today, we are happy to be presented the opportunity to work with like-minded partners on the development of Amaravati into a future-ready smart and modern city.”

The project is being jointly developed by Ascendas-Singbridge and Sembcorp Development, a wholly owned subsidiary of Sembcorp Industries, and government of Andhra Pradesh. The consortium of Singaporean companies will spend Rs 306 crore while the government will invest Rs 222 crore in a 58:42 proportion. The developers were chosen under the Swiss Challenge approach.

For speedy implementation, a high level joint implementation committee will be formed with chief minister N. Chandrababu Naidu, minister of trade and industry, Singapore as the co-chair while a joint implementation working committe will be formed with senior officials from AP and Singapore ministry.
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