1. Ascendas, Sembcorp bag bid to develop start-up hub in Andhra Pradesh

Ascendas, Sembcorp bag bid to develop start-up hub in Andhra Pradesh

Singapore-based Ascendas-Singbridge and Sembcorp Development, a wholly-owned subsidiary of Sembcorp Industries, have jointly received the letter of award for the master development rights for the start-up area at Amaravati city in Andhra Pradesh.

By: | Hyderabad | Updated: May 16, 2017 8:23 AM
Ascendas-Singbridge and Sembcorp had submitted a joint bid for the development under a Swiss Challenge approach. (Reuters)

Singapore-based Ascendas-Singbridge and Sembcorp Development, a wholly-owned subsidiary of Sembcorp Industries, have jointly received the letter of award for the master development rights for the start-up area at Amaravati city in Andhra Pradesh. Ascendas-Singbridge and Sembcorp had submitted a joint bid for the development under a Swiss Challenge approach. The start-up area is along the river Krishna waterfront and spread over 684 hectares which will be developed in phases over 15 to 20 years.

The start-up area is expected to create the first centres of activity attracting settlers and investment into Amaravati city, comprising developments for business, commercial and residential uses. The Singapore consortium will form Amaravati Development Partner (ADP ) along with Amaravati Development Corporation (ADC) which is a GoAP company and ADP will undertake the master development of start-up area. ADP will develop an Area of 1,691 acres, in 15 years in three phases of each about five years.

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