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SPV formed to launch Warangal Smart City Mission
The GWMC and KUDA are likely to have 50:50 per cent equity shareholding. The Director of Municipal Administration (DMA), Warangal urban District Collector Amrapali Kata and Greater Warangal Municipal Corporation Commissioner Shruti Ojha has been included as Directors.According to the MAUD officials, the SPV would plan, appraise, approve, release funds, implement, manage, operate, monitor and evalu
Hyderabad: The State government has formed a special purpose vehicle (SPV) for Warangal Smart City project for the implementation of Smart City Mission at city level.Orders forming the SPV under the chairmanship of Municipal Administration and Urban Development (MAUD) Secretary Navin Mittal, were issued on Wednesday. The SPV will be called Greater Warangal Smart City Corporation Limited, which would be a limited company under the Company’s Act 2013.
The GWMC and KUDA are likely to have 50:50 per cent equity shareholding. The Director of Municipal Administration (DMA), Warangal urban District Collector Amrapali Kata and Greater Warangal Municipal Corporation Commissioner Shruti Ojha has been included as Directors.According to the MAUD officials, the SPV would plan, appraise, approve, release funds, implement, manage, operate, monitor and evaluate the Smart City development projects.
Each smart city needs to have a SPV, which would be headed by a full time CEO and have nominees of the Central and the State governments and ULB on its board. Seven State government officials including the Central government officials would become the board of directors. The officials include Telangana Urban Finance and Infrastructure Development Corporation director, Warangal Police Commissioner, nominee of government of India in Ministry of Urban Development, Warangal Urban district Joint Collector, Engineer in Chief (NH), Kakatiya Urban Development Authority vice-chairman and TSRTC MD.
A senior official in MAUD said that if required, the Greater Warangal Smart City Corporation Limited would also be entitled to incorporate a joint venture (JV) and subsidiary companies to mobilize funding. The official said that the preliminary meeting of the SPV committee would be organised shortly to begin the process. The official said that modalities would be finalised before the meeting on the capital, sharing pattern. The government and ULBs would determine the paid up capital requirement of the SPV, the official added.
