The Smart City Development Corporation, the special purpose vehicle (SPV) that will oversee and implement Pune’s Smart City plan, has been incorporated on March 23.

The setting up of the SPV is a pre-requisite for disbursement of money announced by the Central government. The stage is now set for receiving Rs. 2billion  in this financial year. This will be the first instalment of Rs. 10 billion due from the Centre over a five-year period.

The SPV, which is a 50:50 partnership between the State government and Pune Municipal Corporation, will have 15 board members.

Six will be from municipal corporation, four from the State government, and one will represent the Central government. Two independent directors will we elected at the Central and State government levels.

Kunal Kumar, the current Pune Municipal Commissioner, will officiate as the Managing Director and chief of SPV, while the PMC CEO will be the Executive Director of PSCDC.

The Pune Smart City involves a financial outlay of around Rs 30 billion in the first phase of implementation. Around 900 acres in the Aundh-Baner-Balewadi belt has been selected for area-based development.

Improving transportation and water supply are planned as the pan-city initiatives.