Andhra Pradesh government today inked a pact with Singapore for developing an area of 6.84 km at capital Amaravati as startup area in phases.
The areas of cooperation between the governments of Andhra Pradesh and Singapore include economic development, master development of the startup area in Amaravati besides promotion of bilateral trade and investments and enhancing capacities of government departments.
"For speedy implementation of the project, a high Level Joint Implementation Steering Committee (JISC) will be formed co-chaired by Chief Minister, Government of AP and Minister for Trade & Industry, Government of Singapore. Similarly, a joint Implementation Working Committee (JIWC) will also be formed with senior officials from both the governments," an official statement of Andhra Pradesh government said.
The statement said a Singapore consortium will form a project SPV - Amaravati Development Partner (ADP) with Amaravati Development Corporation (ADC).
Singapore consortium will have an equity participation of Rs 306 crore (58 per cent) while Amaravati Development Corporation (ADC) will have Rs 222 crore participation (42 per cent).
"ADP will develop an area of 1,691 acres, in 15 years in three phases of each about 5 years," the statement said adding estimated benefits include 2,50,000 jobs while contribution to GSDP will be Rs 1,15,000 crore.
AP Chief Minister N Chandrababu Naidu promised to develop Amaravati as most livable city with 'people first' concept on par with Singapore and international standards.
Addressing a gathering after signing MoU with Singapore consortium to develop startup area in Amaravati, he said everything should be focused on people-centric development to provide wealth, happiness and health in the new capital.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)