Metro rail project:The ministry authorises Kaptan Singh Solanki to approve SPV formation

The ministry of urban development (MoUD)has authorised the administration to get the SPV approved from UT administrator Kaptan Singh Solanki, who is also governor of Punjab and Haryana, and proceed further by forming the board of directors of the SPV.

In June 2015, Chandigarh, Haryana and Punjab had signed a memorandum of understanding for the formation of a SPV, the Greater Chandigarh Transport Corporation (GCTC).

Before proceeding further with the formation of board of directors of the SPV, the Chandigarh administration had written to MoUD for getting the SPV approved from Union cabinet.

The ministry of urban development (MoUD) has clarified that the Union cabinet approval is not required to constitute a special purpose vehicle (SPV) for the implementation of the metro rail project.

Leave a Reply

Your email address will not be published. Required fields are marked *