Public Accounts Committee chairperson, YSRCP leader Buggana Rajendranath Reddy has slammed AP Chief Minister N Chandrababu Naidu for handing over Amaravati to Singapore consortium.
He alleged that Naidu has surrendered everything to Singapore consortium. Speaking to the media here on Saturday, Reddy explained actual facts in Capital City development project. He said in the name of Swiss Challenge, CM Naidu has resorted to all types of tricks to hand over the capital city to Singapore consortium.
Naidu has offered 58 percent stake in Amaravati Development project to the Singapore consortium and rest of 42 percent will be held by the AP government. The project cost is Rs 3,000 crore. Singapore consortium will contribute Rs 300 crore and AP government would invest Rs 200, while Rs500 crore would be mobilized via debt route. Later, Rs 2,000 crore will be raised by booking profit from selling plots after the development.
He further added that AP government already lost control as it has below 50 percent stake