Smart cities of Bubaneswar wo hs top the first smart cities challenge first pase is said to ave appointed its nwe chairman. It is also said that Special Purpose Vehicle take off holding the first meeting of the Board of Directors last week at which several operational decisions were taken.
Senior IAS officer and Additional Chief Secretary to Odisha government R Balakrishnan has been appointed as Chairman of Bhubaneswar Smart City Limited (BSCL), the special purpose vehicle (SPV) set up to execute projects for making the state capital a smart city.
“At the first Board meeting held on March 29, Development Commissioner and Additional Chief Secretary to Odisha government R Balakrishnan was appointed as Chairman of the SPV,” an official release said.
Bhubaneswar Development Authority Vice-Chairman Krishan Kumar was appointed Managing Director and R Vineel Krishna, who was earlier Collector and District Magistrate of Orissa’s Malkangiri district, was appointed the CEO of the SPV, it said.
It is said that Bhubaneswar Smart City Limited, the Special Purpose Vehicle will have Authorized Capital of Rs.500 cr, divided in to 5 crore shares of Rs.100 each. Of this, the Government of Odisha and Bhubaneswar Municipal Corporation will have a share of Rs.112.50 cr each while Bhubaneswar Development Authority will contribute share capital of Rs.250 cr.
As required under the provisions of the Companies Act, 2013, the Board of Bhubaneswar Smart Cities commencement of business as April 1,2016.