UT administration and the governments of Punjab and Haryana have agreed to form a special purpose vehicle - a firm or legal entity that is formed to achieve short-term targets - to execute the Metro rail project.
The decision was taken in a meeting to discuss the draft of memorandum of understanding between the stakeholders.
The exact equity structure for the SPV will be finalised shortly. The SPV's tentative name is Chandigarh tricity multi-modal transport corporation (CTMTC).
It will be able to act as a focal point for taking all further actions for taking the Metro project forward. Once modalities have been formally agreed between the three governments, Chandigarh administration will write to ministry of urban development to obtain approval of the central government.
Punjab government secretary (urban planning) A Venu Prasad, Greater Mohali Area Development Authority (GMADA) chief administrator Ajoy Kumar Sinha and Haryana financial commissioner (urban planning) TC Gupta and Anurag Rastogi, director general, town and country planning, Haryana, attended the meeting.