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Sembcorp & Ascendas-Singbridge formalise agreements to jointly develop Andhra Pradesh Start-up Area

Michelle Zhu Published on Thu, Jun 07, 2018 / 6:28 PM GMT+8

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SINGAPORE (June 7): Sembcorp and Ascendas-Singbridge’s joint venture (JV) vehicle Singapore Amaravati Investment Holdings (SAIH) has formalised its collaboration with the State Government of Andhra Pradesh (SGOAP) to jointly master develop the 684-hectare Amaravati Capital City Start-up Area in collaboration with Amaravati Development Corporation (ADC), an agency of the SGOAP.

This was accomplished via a concession and development agreement signed between SGOAP and Amaravati Development Partners (ADP), which was incorporated earlier in India with SAIH and ADC holding 58% and 42% interests in the company, respectively.

The agreement, which grants ADP development rights, licences and required authorisations/concessions for the Start-up Area and to undertake catalytic developments, was signed today at the sidelines of the Amaravati Partners Joint Implementation Steering Committee meeting,

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Sembcorp & Ascendas-Singbridge formalise agreements to jointly develop Andhra Pradesh Start-up Area