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SPV for ‘smart city’ gets state govt nod

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The state government has given nod for the formation of the special purpose vehicle (SPV) to handle the Smart City Mission projects in the city. The formation of the SPV is mandatory under the mission.The Vadodara Municipal Corporation (VMC) had sent a proposal to the state government seeking its approval for the SPV that will be headed by the municipal commissioner. The state government recently gave a go ahead for the formation of the SPV.Besides the commissioner, the SPV will have the VMC standing committee chairperson, a deputy municipal commissioner, a nominee of the central government, a nominee of the state government, the VMC city engineer, the district collector and the Vadodara Urban Development Authority (VUDA) chairperson or VUDA chief executive authority as directors.

The SPV will also appoint a chief executive officer.The SPV has tentatively been named as Vadodara Smart City Development Ltd. VMC commissioner Dr Vinod Rao said that the process of registering the company has been initiated. The final name of the company would also be decided and finalised soon.The implementation of the Smart City Mission at the city level will be done by the SPV.

Source:TOI
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