Advanced Search
we found 0 results

Your search results

For smart city project UT administration approves formation of SPV

Posted by BrickAcres on June 7, 2016
| News
| 0

On May 25,Chandigarh had made it to the list of smart cities along
with 12 others in the second phase of fast-track competition. The
Chandigarh Administration has approved the formation of a Special
Purpose Vehicle (SPV) on Monday to implement the Smart City
project in the city.

The approval was given by the steering committee, headed by UT
Adviser Parimal Rai, today and it was attended by several senior
officers, including Mayor Arun Sood. City MP Kirron Kher also
attended the meeting as a special invitee. The company will plan,
appraise, approve and release funds, implement, manage, operate,
monitor and evaluate development projects. Sources said an interim
board had been formed, of which the Municipal Commissioner will be
the CEO.

The primary role of the SPV will be to plan, appraise, approve,
finance, implement, manage, operate, monitor and evaluate smart
city solutions across the city.

SPV, a public company, will be a joint venture between Chandigarh
administration and the municipal corporation sharing an equal
equity of 50 per cent each.

The primary role of the SPV will be to plan, appraise, approve,
finance, implement, manage, operate, monitor and evaluate smart
city solutions, both pan city and area wide.

The total cost of the project is estimated to be around Rs 6200
crore with Rs 250 crore for the pan city proposal and Rs 5950
crores for the area based development.

Total equity of Rs 1,000 crore will be invested by municipal
corporation and administration.

MC’s equity will be generated from the grant fund which will be
created to receive funds made available by government of India
under the Smart City project. Funds for the Smart City project
will also be made available from the convergence from other
schemes of government of India as well as Chandigarh
administration, like Solar City Mission, Integrated Power
Development Scheme (IPDS), Digital India. Some of the projects
will be funded through private sector.

Pan-city proposal aims at improving public life and safety,
livability, smart and integrated e-governance and intelligent
multi- command control centre.

Leave a Reply

Your email address will not be published.