VIJAYAWADA: Andhra Pradesh on Monday handed over 6.84 sq km (1,691 acres) of land in capital Amaravati to the Singapore Consortium to develop a Startup area.
The Letter of Award to the Singapore Consortium and Letter of Acceptance to the APCRDA were exchanged in the presence of chief minister N Chandrababu Naidu and Singapore Minister of Trade and Industry S Iswaran in Vijayawada.
The Consortium, which consisted of Ascendas-Singbridge Pvt Ltd and Sembcorp Development Ltd along with Amaravati Development Corporation, a State government company which will execute the development works in the Startup area as master developers.
The project will be conducted in three phases over 15 years, and is expected to fast-track Amaravati’s development.
S Iswaran signed a MoU on behalf of the Singapore Government with chief minister N Chandrababu Naidu representing the Andhra Pradesh Government.
The MOU was signed to strengthen ties between both governments for mutual cooperation in economic development in Andhra Pradesh, master development of a start-up area in Amaravati, enhancing the capacities of GoAP department and agencies, and promotion of bilateral trade and investment among others.