This story is from November 12, 2019

Andhra Pradesh: Singapore closes Amaravati capital city startup project

The Singapore government on Tuesday said that it has noted 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.
Andhra Pradesh: Singapore closes Amaravati capital city startup project
Andhra Pradesh chief minister Jaganmohan Reddy
HYDERABAD: The Singapore government on Tuesday said that it has noted the decision by the government of Andhra Pradesh to close the Amaravati Capital City Startup Area project through a government order dated 11 November 2019.
It said the closure is based on mutual consent between the GoAP and the Singapore Consortium (comprising Ascendas Singbridge Pte Ltd (now part of CapitaLand Group) and Sembcorp Development Ltd.
Minister-in-charge of trade relations S Iswaran in a prees relesed said, “The Singapore Consortium was appointed by the government of AP in 2017 to help master develop the 6.84-km startup area of Amaravati.
We note that the newly-elected government has decided not to proceed with the startup area given its other priorities for the state.
Companies recognise such risks when venturing into any overseas market and factor them into their investment decisions"
He added,"the Singapore Consortium companies have stated that the project has cost them a few million dollars and that its closure does not impact their investment plans in India. Singapore companies remain interested in opportunities in Andhra Pradesh 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.”
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About the Author
U Sudhakar Reddy

Sudhakar Reddy Udumula is the Editor (Investigation) at the Times of India, Hyderabad. Following the trail of migration and drought across the rustic landscape of Andhra Pradesh and Telangana, Sudhakar reported extensively on government apathy, divisive politics, systemic gender discrimination, agrarian crisis and the will to survive great odds. His curiosity for peeking behind the curtain triumphed over the criminal agenda of many scamsters in the highest political and corporate circles, making way for breaking stories such as Panama Papers Scam, Telgi Stamp Paper Scam, and many others. His versatility in reporting extended to red corridors of left-wing extremism where the lives of security forces and the locals in Maoist-affected areas were key points of investigation. His knack for detail provided crucial evidence of involvement from overseas in terrorist bombings in Hyderabad.

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