Singapore group gets masterbuilder rights in India

SINGAPORE (May 16): A Singapore consortium was yesterday given the master development rights to the Amaravati City Start-up Area in India’s southern Andhra Pradesh state.

The Business Times report said the group — comprising sustainable urban development providers Ascendas-Singbridge and Sembcorp Development, a wholly-owned subsidiary of Sembcorp Industries — received the contract from the government of Andhra Pradesh at a ceremony held at the Taj Gateway Hotel in Vijayawada.

The ceremony was witnessed by Andhra Pradesh chief minister Chandrababu Naidu and Singapore’s Minister for Trade and Industry S Iswaran.

Iswaran also signed a memorandum of understanding with the Andhra Pradesh government to help “set up a process to identify and link economic development opportunities with prospective companies on a regular basis”.

This article first appeared in The Edge Financial Daily, on May 16, 2017.

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