SPV to be set up for Thane smart city project

A special purpose vehicle (SPV) will be set up soon by the government, to facilitate Thane’s transition into a smart city, stated Thane’s municipal commissioner, Sanjeev Jaiswal. Thane was in the list of cities released in September 2016, by the urban development ministry in New Delhi, to be developed as smart cities.
“Initial preparations for the smart city project are almost over and the next step towards its implementation, is the creation of the SPV. Work on the project is on the fast track,” Jaiswal added.
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Thane has proposed a plan of Rs 6,630 crore, under the smart city and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) missions. Of this, the civic body has funded Rs 4,375 crore.
“The implementation of the mission at the city level, will be done through the SPV. It will plan, appraise, approve, release funds and implement, manage, operate, monitor and evaluate the project,” he said. According to Jaiswal, each smart city will have a SPV, which will be headed by a full-time CEO and have nominees of the central and state governments and urban local bodies (ULB) on its board.
By: Housing.com/news