The maintenance of common infrastructure in industrial areas in Punjab will now come under a separate company as a notification in this regard was issued by the state government on Tuesday.
The state government notified the Punjab Common Infrastructure (Regulations and Maintenance) Act 2012 to create the special purpose vehicle (SPV), an official spokesman said here.
The objective of SPV would be to provide efficient service to industrial houses at reasonable service charges and to work for the cause of good maintenance of common infrastructure.
He said that the SPV would operate within its jurisdiction on 'no profit, no loss' basis.
The funds to be given to the SPV would be out of the proceeds of municipalities, the spokesman said, adding the percentage of funds to be given would be decided by the state government through an executive order.
The Act lays emphasis on creation of industrial infrastructure through public-private partnership, he added.
There is a need for creating a statutory framework to provide for the regulation and maintenance of common infrastructure like roads, parks, street lights, water supply and sewerage system, drainage water sewerage treatment plant, in an industrial area and to change for the common maintenance expenses, the spokesperson added.