Vijayawada: The state government has established the Amaravati Growth and Infrastructure Corporation Limited (AGICL) as a Special Purpose Vehicle (SPV) to plan, develop, and manage key infrastructure projects in the Amaravati capital region.

Formed under the Companies Act, 2013, the new entity will function under the Municipal Administration and Urban Development Department in coordination with the Andhra Pradesh Capital Region Development Authority (APCRDA). The SPV aims to accelerate stalled capital city works by creating a dedicated institutional and financial structure for large-scale project execution.

Principal secretary of municipal administration and urban development S Suresh Kumar said that the AGICL will handle the complete project lifecycle, from planning and financing to implementation, operation, and maintenance. It will also facilitate private sector participation through PPP models such as BOT, Hybrid Annuity, and EPC, ensuring financial sustainability and efficient delivery.

The corporation will coordinate with APCRDA to mobilize funds, secure approvals, and ensure compliance with environmental and social safeguards. It will also focus on innovation, technology adoption and capacity building in infrastructure management. Revenues generated from its projects will accrue to APCRDA or designated government entities, while the SPV will take responsibility for debt servicing and stakeholder engagement.

The Board of AGICL will include officials, the principal secretary (MA&UD) as non-executive chairman, along with senior officers from finance, energy, roads and buildings, industries and APCRDA.

Three independent directors from industry and a managing director will be appointed post-incorporation.

With an initial paid-up capital of Rs 1 crore, AGICL is expected to function as the key vehicle to revive Amaravati’s infrastructure push and attract long-term investments. Officials said the move signals the government’s renewed focus on establishing Amaravati as a planned and investment-ready capital city.