1. Twenty smart cities form SPVs with municipal bodies

Twenty smart cities form SPVs with municipal bodies

All of the 20 cities selected in the first batch of the Smart Cities Mission have established special purpose vehicles (SPVs) with municipal corporations and appointed full-time CEOs, CIOs and CFOs.

New Delhi | Published: June 2, 2017 5:31 AM
Smart Cities Mission, special purpose vehicles, SPVs, Rajiv Gauba, urban development minister “The whole idea behind the SPVs was to have professional management in the cities, so decision-making is faster in terms of development and better infrastructure,” secretary in the urban development ministry Rajiv Gauba said.

All of the 20 cities selected in the first batch of the Smart Cities Mission have established special purpose vehicles (SPVs) with municipal corporations and appointed full-time CEOs, CIOs and CFOs. SPVs are separate companies focusing on the Smart Cities Mission which are set up at city level in the form of a limited company under the Companies Act, 2013. The SPV will convert the Smart City Proposal into projects through project management consultants and implementation thereafter.

“The whole idea behind the SPVs was to have professional management in the cities, so decision-making is faster in terms of development and better infrastructure,” secretary in the urban development ministry Rajiv Gauba said.

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The first batch of 20 cities were announced in January last year. These cities were the first to get the funds to kick-start their development process. With a per-city allocation of Rs 100 crore for each of the five years of the mission period, the Central assistance to the mission is around `50,000 crore.

Surat is likely to complete 13 projects worth `352 crore, while 14 projects in Jabalpur worth `252.9 crore are likely to be completed by June 25 this year. Ahmedabad is likely to finish three projects worth Rs 296 crore.

By- Surbhi Prasad

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