The trade and industry ministry of Singapore announced that it has noted the decision of the Andhra Pradesh government to close the Amaravati capital city start-up area project. The consortium, which includes companies such as Ascendas Singbridge Pte and Sembcorp Development, was appointed in 2017 to develop a 6.84-sq km start-up area in the new capital.
In a statement, the Singapore government said the project has been shut down on “mutual consent” between the state government and the Singapore consortium comprising Ascendas Singbridge, and Sembcorp Development. The consortium said they have lost a few million dollars, but agreed that they understood the risks involved while venturing into overseas markets and have factored them in their investment decisions.
“The Singapore consortium was appointed by the government of Andhra Pradesh in 2017 to help master develop the 6.84 start-up area of its new capital city Amaravati. Read More
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