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Amaravati Smart City Corpn to serve as SPV for greenfield project development

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HYDERABAD, OCT 7: The Andhra Pradesh Government is set to form a special purpose vehicle (SPV) Amaravati Smart City Corporation Limited for the implementation of the smart city project. This comes in the backdrop of the Union Ministry of Urban Development selecting Amaravati city project under the Smart City initiative of the Government. Ajay Jain, Principal Secretary, AP Government, in an order mentioned the authorised share capital of SPV for incorporation will be Rs. 20 crore initially and this will be increased later on as and when required. The paid up capital of the SPV will be Rs. 5 lakh divided into 50,000 equity shares of Rs. 10 each. This will be increased later when required. The Governor of AP will hold 24,996 shares and Andhra Pradesh Capital Region Development Authority (APCRDA) 24,997 shares along with others.

The SPV will be promoted by the Andhra Pradesh Government and APCRDA (instead of urban local body), with a shareholding of 50:50 and be governed by a board of directors. Its mandate is to take up the project and ensure timely completion. The APCRDA at its 9th Authority meeting recommended to make the Greenfield Amaravati on the banks of river Krishna smart and submitted the proposal in accordance with the smart city guidelines. irector (IFD), HUPA, as Director on the Board of Special Purpose Vehicle for smart city of Amaravati. The SPV corporation will be chaired by State Principal Secretary, Municipal Administration and Urban Development with 10 other members, including Ramesh Chand.

The Commissioner of APCRDA shall submit a Memorandum of Association and the Articles of Association of the SPV prepared as per the guidelines of the Union Ministry for Urban development. The designs for the development of the core capital region are at advanced stage of finalisation and works are expected to begin soon.

Source:BusinessLine
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