Ranked second in the contest organised by the Union Urban Ministry for Smart City development, Pune is speeding up the administrative process of setting up special purpose vehicle (SPV) for implementing Smart City projects.
The SPV was registered as a company on March 23.
As for the funds of Rs 1.94 billion assured to PMC by the end of financial year 2015-16, it is yet to receive them.
The SPV will have 15 directors including six elected representatives from PMC. The directors would include Pune Divisional Commissioner, Pune Police Commissioner, Town Planner and Managing Director of PMPML. There will be one director representing the Centre and two independent directors.
The Chief Executive Officer of the company would be a director while the Chairman would be the Municipal Commissioner. The Additional Municipal Commissioner Prerna Deshbhratar is the CEO.
However, the state government is yet to appoint the two independent directors for the SPV.
In its Smart City plan, the PMC has estimated project cost of Rs 34.80 billion – Rs 10.35 bn for pan city and Rs 24.45 bn for development of Aundh-Baner.