Odisha forms SPV for project
The Odisha government has formed a Special Purpose Vehicle (SPV) for the implementation of Smart City plans and projects. The SPV has been registered as a company with a paid up capital of Rs 2.5 billion and authorised capital of…

The Odisha government has formed a Special Purpose Vehicle (SPV) for the implementation of Smart City plans and projects.

The SPV has been registered as a company with a paid up capital of Rs 2.5 billion and authorised capital of Rs 5 billion.

The equity of the SPV is shared among Odisha government, Bhubaneswar Municipal Corporation ( BMC) and the Bhubaneswar Development Authority     (BDA) on 45:45:10 basis.

A meeting under Chief Secretary A P Padhy has decided to have a Board of Directors under the Chairmanship of Development Commissioner-cum-Additional Chief Secretary.

It will have as its members Secretary Finance, Secretary Housing and Urban Development, Principal Secretary IT, Principal Secretary General Administration, Commissioner of Police, Vice-Chairman BDA, Municipal Commissioner BMC, representatives from Government of India, Odisha Power Transmission Corporation Limited (OPTCL) and five Independent Directors from the industry, urban housing, urban transport, IT, and social organisations.

BMC Chairman Kishan Kumar said the SPV would have around 19 officers and staff of whom six officers would be on whole time deputation and 13 directly recruited.

The roll out plans of   projects like Integrated Infrastructure development, water supply, stable power supply, sewerage, water recycling, affordable housing, and redevelopment of core institutional area in Satyanagar were also discussed.

The meeting also decided to have a museum of urban history to showcase the  city’s evolution and architecture.

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