First 20 Cites to Established Smart Cities Mission SPVs

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Smart Cities mission

Smart Cities Mission is the most ambitious project of the Central government in which, the government has targeted to develop 100 smart cities across the country. about 20 cities have been selected in the first batch of the Smart Cities Mission to set up Special Purpose Vehicles (SPVs) with municipal corporations. Full-time CEOs, CIOs and CFOs have been appointed for this.

There are different SPVs companies focusing on the smart cities project. These companies are set up at city level as a limited company under the Companies Act. 2013.

The Smart City Proposal will be converted into the projected by the SPV through the project management consultants and implementation there after.

According to the Urban Development Ministery Rajiv Gauba, the complete idea behind the SPVs was to have professional management in the cities. This way, the decision making is faster in the terms of the development and better infrastructure.

However, the first batch of 20 cites were selected in January 2016. These first 20 cities were selected to get the funds to quick start their development work. As per the plan, each city was to get an allocation of Rs 100 crore the next five years in stipulated time duration. the Central assistance to the mission is around `50,000 crores.

Surat is likely to complete 13 projects worth 352 crores, while 14 projects in Jabalpur worth252.9 crores are likely to be completed by June 25 this year. Ahmedabad is likely to finish three projects worth Rs 296 crore.

News Source: http://www.financialexpress.com/india-news/twenty-smart-cities-form-spvs-with-municipal-bodies/697289/

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