Hyderabad: A high-powered committee comprising ministers and IAS officers formed by the state government has decided to allot 1,700 acres to the Singapore-based consortium of companies on freehold basis for development. Ownership rights will be with the AP CRDA.
The Singapore-based consortium of Singbridge, Ascendas and Sembcorp had submitted the proposals to the state government under the Swiss Challenge mode for the Amaravati development partner. The committee, headed by finance minister Yanamala Ramakrishnudu, met twice and vetted the proposals.
The consortium, on behalf of the Singapore government, and the Amaravati Development Company, which represents the AP government, will reach an agreement and form a joint venture company for the development of the capital.
This company will be allotted 1,700 acres of land in the capital. The Singapore consortium will provide the funds for development and the government's investment will be the land. Singapore will have a 58-per cent share in the joint venture company and the AP government 42 per cent.
