Andhra Pradesh, Hudco Enter Into Rs 11,000-Crore Loan Deal For Amaravati Construction

Andhra Pradesh's Capital Region Development Authority and Housing & Urban Development Corp. inked a Rs 11,000-crore loan agreement on Sunday for the construction of the greenfield capital city Amaravati, according to government sources.

The agreement was signed in the presence of Chief Minister N Chandrababu Naidu at his residence in Undavalli of Guntur district.

"Hudco and CRDA entered into the agreement in the presence of Chief Minister Chandrababu Naidu... As per this deal, Hudco will extend a loan of Rs 11,000 crore for the capital construction," a press release said.

A Hudco board meeting held in Mumbai on Jan. 22 had given a green signal for the loan.

Municipal Minister P Narayana, Hudco CMD Sanjay Kulshrestha and other officials were present during the signing of the agreement.