Odisha capital Bhubaneswar has launched a Special Purpose Vehicle for the development of Smart City with an authorised capital of Rs 5 billion. R Vineet Krishna has been appointed as its Chief Executive Officer.
The city was selected at the top of the first batch of 20 Smart Cities by the Ministry of Urban Development. It also became the first to launch the SPV.
At the first Board meeting on March 29, R Balakrishnan, Development Commissioner and Additional Chief Secretary to the Odisha government was appointed as Chairman of the SPV.
The 16-member Board of Directors has representatives of various state departments and agencies, one representative of Government of India and 5 Independent Directors of which at least one will be a woman.
The SPV known as Bhubaneswar Smart City Limited will have an Authorised Capital of Rs.5 billion. The state government and the Bhubaneswar Municipal Corporation will have a share of Rs 1.13 bn each while the Bhubaneswar Development Authority will contribute share capital of Rs 2.50bn.