Special purpose vehicle to implement New Delhi smart city proposal | delhi | Metro | Hindustan Times
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Special purpose vehicle to implement New Delhi smart city proposal

delhi Updated: Jun 10, 2016 08:50 IST

NEW DELHI: The New Delhi Municipal Council (NDMC) will soon form a special purpose vehicle to initiate projects under the civic body’s smart city initiative.

A special purpose vehicle is a subsidiary body for a particular project and has the legal powers to take independent decisions. The council on Thursday received an approval for this from the Ministry of Home Affairs (MHA).

The SPV will get a dedicated fund to implement the smart city proposal. The body, completely owned by NDMC, will be registered as the New Delhi Municipal Council Smart City Limited (NDMCSCL).

After its registration, the council will be entitled to a central government assistance of Rs 200 crore under the Smart City Mission.

“The formation of the SPV has been approved and we will soon start implementing the projects. We will ensure NDMC becomes a world-class facility and it can act as a model for the all states to follow,” said Naresh Kumar, chairman, NDMC.

With the approval of a designated body, the civic body plans to fill critical gaps in the infrastructure and service delivery across the New Delhi area. The basic improvement of infrastructure development for better implementation of the major projects has already been completed.

Sources in NDMC said a chief executive officer (CEO) for the special purpose vehicle will be appointed by the MHA from among the available IAS officers in the Delhi segment of the AGMUT (Arunachal PradeshGoa-Mizoram and Union Territory) cadre.

“An initial plan of all the projects under smart city has already been made and as soon as the team is formed, which should be in another two weeks, we will start implementing projects one by one. We are in the process of talks with companies with expertise on certain projects,” said a senior NDMC official.