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Odisha forms SPV for smart city project

Bhubaneswar would have paid up capital of Rs 250 cr and authorised capital of Rs 500 cr

Policy Pulse
Publish Date: Mar 23 2016 12:54PM | Updated Date: Mar 23 2016 12:55PM

Odisha forms SPV for smart city project

 The Special Purpose Vehicle (SPV) for the smart city project in Bhubaneswar would have paid up capital of Rs 250 crore and authorised capital of Rs 500 crore. 

 
A government release said the equity of the SPV company is being shared by the government of Odisha, Bhubaneswar Municipal Corporation (BMC) and Bhubaneswar Development Authority (BDA) on 45:45:10 basis. 
 
BMC chairman Kishan Kumar said the SPV would have around 19 officers and staff from among whom 6 officers would be on whole time deputation and 13 would be recruited from open market. 
 
A museum of urban history here is being planned. It would be like a public plaza to showcase the chronological and historic view of the city's evolution and architecture, Chief Secretary A P Padhi said after attending a meeting held to review the progress of the smart city project. 
 
The release said the company will have a board of directors under the chairmanship of development commissioner-cum-additional chief secretary with secretaries to the finance, housing and urban development departments, principal secretaries to IT and general administration as its members. 
 
The commissioner of police, vice-chairman of BDA, municipal commissioner of BMC, representative from Government of India, representative from OPTCL and 5 independent directors from various thematic areas like industry, urban housing, urban transport, IT, social equity would also be in the board, it added.