AP Cabinet approves liquidation of ADP


The Andhra Pradesh Cabinet has given in-principle nod to terminate the Singapore Amaravati Investment Holdings (SAIH), which formed Amaravati Development Partners (ADP) with Amaravati Development Corporation Ltd (ADCL) for the implementation of the project. The cabinet felt that the project development was no longer feasible to develop the Amaravati Capital City Start-up Area as originally planned. Therefore, the Cabinet decided to begin the process to liquidate Amaravati Development Partners (ADP). The ADP will undergo liquidation on a mutual consent basis and discharge all liabilities such as, office set up costs, other expenses, and provisional winding up costs before initiating the process in accordance with the Cabinet decision.

In 2017, when N Chandrababu Naidu was the chief minister, he entered into an MoU with Singapore-based Ascendas-Singbridge Pvt Ltd and Sembcorp Development Ltd to develop a start-up area in 1,600 acres in Amaravati. But soon after riding to power, Chief Minister Y S Jagan Mohan Reddy terminated the contract.

The Cabinet also gave its clearance for the establishment of an electronics manufacturing cluster at Kopparthi in Kadapa district. The Cabinet also discussed the recent torrential rains and floods leaving a trail of destruction including crops loss, livestock, loss of property, etc. The Cabinet stated that crops in 30,000 hectares were affected, including 13,000 hectares horticultural plants. The Cabinet decided to give 80 per cent subsidy on sale of seeds to mitigate the current crisis the farmers are facing. Further, the cabinet has decided to give Rs 500 to each individual who are currently in relief camps.

The Cabinet also announced a hike of a little over three per cent in dearness allowance (DA). Further, it decided to implement the YSR Bheema scheme by December 15 and set up insurance corporation by the next year.

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  1. కసి. తిర్చుకుంటున్న. సిలువరెడ్డి. జ్ టాక్స్ పిండుకుంటున్నాడు. వైజాగ్ లో.


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