The UT administration will discuss the setting up of a special purpose vehicle (SPV) for the Metro project with Punjab and Haryana governments in a meeting on June 7.
An SPV is a limited company that is formed to meet a specific objective. UT adviser KK Sharma wrote to both the stakeholders in this regard on Monday. The decision to form an SPV was taken in a recent meeting under the Union ministry of urban development (MoUD).
An SPV can be registered under the Companies Act as a public sector body, either wholly owned by the Centre or with equity participation from the state governments.
During the meeting, the three stakeholders will also nominate nodal officers and discuss the formation of a core team for the project.
The total length of metro project covering Chandigarh, Panchkula and SAS Nagar is 37.57km with estimated cost of Rs 10,900 crore, which would be shared between the Centre, UT administration and governments of Punjab and Haryana.