AP's Start-up Amaravati Zone foundation stone inaugurated!

AP's Start-up Amaravati Zone foundation stone inaugurated!

Posted by P. Charitha on May 15th 2017

The new Capital city of Andhra Pradesh could be slated to be the next destination for start-ups and entreprenuers in India. As part of the Amaravati capital development and constructing the new start-up zone there, the Chief Minister of Andhra Pradesh, Mr. N. Chandra Babu Naidu has set the ball rolling by laying the foundation at Amaravati today. As already known the Chief Minister has roped in the Singapore Government to prepare the master plan for Amravati. It will be a three-layered administrative headquarters - the seed capital, capital city and the capital region.
 
Amaravathi Start-up Zone details:
  • An MoU  between the Singapore Minister for Trade and Industry, Mr. S Iswaran, & Mr. Naidu has been signed today. They both will also  be part of the Steering Committee for this purpose
  • The MoU will not only strengthen ties between both the governments but also promote bilateral trade and investment and economic development in AP.
  • A  Singapore consortium comprising of Ascendas-Singbridge Pvt. Ltd. and Sembcorp Development Ltd. has been chosen as the master developer of the start-up area.
  • Fifteen Singapore companies are also part of this Consortium and will invest in the region.
  • The Government will also issue a Letter of Award (LoA) to the consortium before the foundation-laying ceremony to begin the works.
  • The Consortium will have its headquarters in the city of Vijayawada.
  • According to Capital Region Development Authority officials, the start-up area of 6.84 sq km will come up in 1,691 acres adjacent to the Government Core Area (core capital). 
  • The lands are located between Uddandarayanipalem, Lingayapalem,Thalleyapalem and Mandadam Villages.
  • The Govt. will first develop 656 acres in the 1st phase, 574 acres in the 2nd phase and 521 acres will be released for the 3rd phase of development.
  • The foundation stone has been laid as part of the 1st phase in the 656 areas allotted for the start-up zone.
  • To attract investors the Govt is also setting up an AP Investment Promotional Agency to attract investors in the Start-up Zone.
  • Speaking at the occasion today Chief Minister N Chandra Babu Naidu termed the Start-up Zone as the “heart of Amaravati”  and hoped that this mammoth effort  would create more wealth, jobs and opportunities for the people of Andhra Pradesh.

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