CAP­I­TAL CRI­SIS

India Today - - NATION -

Ltd—to de­velop 6.84 sq km of Amar­a­vati’s core area. The con­sor­tium had sub­mit­ted a pro­posal in 2015.

“I, as chair­man of the CRDA (Cap­i­tal Re­gion Devel­op­ment Au­thor­ity), cleared the pro­posal and sent it to the chief sec­re­tary. Af­ter elic­it­ing le­gal opin­ion and cir­cu­lat­ing the file among the de­part­ments con­cerned, [I] put it up to the cabi­net for fi­nal clear­ance,” Naidu de­clared on June 24 this year. Fol­low­ing due scru­tiny by a high-pow­ered com­mit­tee, headed by state fi­nance min­is­ter Yana­mala Ra­makr­ish­nudu, the con­sor­tium’s pro­posal was cleared on July 4 in con­form­ity with the AP In­fra­struc­ture Devel­op­ment En­abling Act (APIDEA), 2001.

The con­sor­tium was to build Amar­a­vati in part­ner­ship with the Amar­a­vati Devel­op­ment Com­pany (ADC), a spe­cial pur­pose ve­hi­cle floated by the govern­ment, pro­vided the Swiss Chal­lenge sys­tem did not throw up a bet­ter bid. The method al­lows com­peti­tors to make counter-of­fers to a pro­posal by an Orig­i­nal Project Pro­po­nent (OPP) in a given time-frame. The best of­fer wins the project, the OPP hav­ing the right of first re­fusal. The dead­line was fixed for Septem­ber 1, though Naidu had told the cabi­net, “we want the con­sor­tium to get crack­ing lat­est by Au­gust 15”. On Au­gust 19, Hy­der­abad-based Aditya Hous­ing and In­fra­struc­ture Devel­op­ment Cor­po­ra­tion, rep­re­sented

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