Foundation stone laid for the start-up area of Capital city

Monday, May 15, 2017

Chief Minister Nara Chandrababu Naidu and Singapore Trade and Industry Minister S.Iswaran today laid the foundation stone for the start-up area of Capital city Amaravati.

Chief Minister became emotional said that God ordained him to build Amaravati. ‘The government promises to recreate heaven on earth here. As in Indra’s Amaravati, the people here too will have all riches, health and happiness. Being a denizen of Amaravati itself would recognition. The government will work with the sole slogan – ‘people first’ he said.

Eswaran speaking on the occasion said that he was privileged to participated in the main foundation stone laying ceremony in 2015. He said the State had made much progress since then. The master plans were shaped greatly to suit the vision of the government. Amaravati would be a vibrant city in the days to come, he said.

MoU singned

A Memorandum of Understanding was singed by the Singapore consortium consisting of Ascendas-Singabridge and Sembcorp Pte Ltd., and the Amaravati Development Corporation today.

Development of the start up area spread in 6.84 on the southern banks of River Krishna next to the government administrative core is set to take place in three phases over 15 years-656 acres in Phase I, 514 acres in Phase ii and 521 acres in the last. The Singapore consortium is going to have 58% equity participation In ADP to the tune of Rs.306 crore while the ADC comes in with a 42% stake amounting to Rs.222 crore.

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