From Our Correspondent
Amaravati: Amaravati’s development has gained another institutional boost with the Andhra Pradesh government establishing the Amaravati Growth and Infrastructure Corporation Limited (AGICL). The new entity joins CRDA and the Amaravati Development Corporation in implementing projects for the capital region.
Urban Development Department Principal Secretary Suresh Kumar issued orders on Monday following a proposal from CRDA Commissioner Kanna Babu. The Principal Secretary (Urban Development) will serve as Non-Executive Chairman, with senior officials from Finance, Energy, Roads & Buildings, Industries, and the CRDA Commissioner as Directors. Three independent directors will also be appointed under the Companies Act, 2013.
AGICL will have an initial paid-up capital of ₹1 crore, divided into 10 lakh shares of ₹10 each — 9,99,994 shares allotted to the Principal Secretary (Urban Development) and one share each to other designated officials.
The corporation’s mandate includes planning, financing, execution, and management of special projects in Amaravati, identifying private-sector participation under PPP, Hybrid Annuity, and EPC models. It will also assist in fund mobilisation, ensure regulatory compliance, and promote technology-driven development within the capital region.
AGICL is expected to function as a key Special Purpose Vehicle (SPV) to accelerate Amaravati’s infrastructure and economic growth under government supervision.