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Singapore consortium pulls out of Andhra’s Startup Area Project

The AP government said in a statement that the Singapore consortium pulled out of the project with mutual consent after the state government raised concerns over the benefits of the project and also questioned the delay in starting work.

ET Bureau|
Nov 13, 2019, 11.07 AM IST
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Though the consortium had spent a few million dollars on the project, the cancellation would not impact its investment plans in India.
HYDERABAD: A consortium of Singapore-based companies, Ascendas-Singbridge and Sembcorp, has decided to pull out of the Amaravati Capital City Startup Area project after the AP government headed by YS Jaganmohan Reddy cancelled it through a government order on Monday.

Ascendas-Singbridge Andhra Investment Holdings and Sembcorp Development India — through a wholly-owned joint venture company Singapore Amaravati Investment Holdings (SAIH) — had formalised the collaboration with the state government in 2017 to develop the startup area jointly with Amaravati Development Corporation (ADC).

Amaravati Development Partners (ADP), with SAIH holding 58% and ADC the rest, was to jointly develop the 684-hectare startup area. Though the consortium had spent a few million dollars on the project, the cancellation would not impact its investment plans in India, the Singapore government said on Tuesday. “We note that the newly elected government of AP has decided not to proceed with the Start-up Area given its other priorities for the state,” Singapore’s minister-in-charge of trade relations, S Iswaran, said in a statement.

“Companies recognise such risks when venturing into any overseas market and factor them into their investment decisions.”

“Singapore companies remain interested in opportunities in AP and other Indian states because of the size and potential of the market. Our economic agencies will continue to help our companies internationalise by exploring opportunities in India and other overseas markets,” Iswaran said.

The AP government said in a statement that the Singapore consortium pulled out of the project with mutual consent after the state government raised concerns over the benefits of the project and also questioned the delay in starting work.

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