Special Purpose Vehicle set up for Smart City project

A government order has called for the formation of a Special Purpose Vehicle (SPV). The Chennai Smart City Limited will be formed as a limited company under the Companies Act 2013 and will be jointly promoted by the Tamil Nadu Government and the Greater Chennai Corporation on a 50:50 equity share holding. 

This agency, operating out of the Amma Maaligai at Ripon Building, will implement the Rs. 1,366.24 crore Smart City schemes. T-Nagar, which has been selected for the area-based proposal, will see the implementation of smart city features such as IT connectivity and digitisation, pedestrian friendly pathways and nonmotorised transport, intelligent traffic management systems and retrofitting of green open spaces. 

Apart from these features, existing facilities like water supply, sanitation, solid waste management will be improved. Under the pan-city plan, smart solutions using information and communication technology have been proposed for non-motorised transport and water management. This is be implemented in the period between 2015-16 and 2019-20. 

A Corporation official said a Detailed Project Report (DPR) will be made before any undertaking. “The SPV will be set up like any company and after the committee is formed, a DPR will be required for every aspect related to the Smart City project. Based on the findings of the reports, works will be undertaken in the respective categories,” said the official. 

This SPV will be headed by the Corporation Commissioner and will be implemented during 2016 to 2020.