Madhya Pradesh, Rajasthan set up Special Purpose Vehicles for Smart Cities

Wed, 2016-02-24 18:07 -- SCC India Staff

Madhya Pradesh and Rajasthan have set up Special Purpose Vehicles (SPVs) for the development of Smart Cities.

"The Ministry of Urban Development has been informed that SPVs have been set up for Jabalpur, Indore and Bhopal in Madhya Pradesh and Jaipur and Udaipur in Rajasthan," an official release said.

These cities are among the first 20 to bag Smart City challenge competition announced on January 28 this year.

The Ministry has also been informed that SPVs for the remaining 15 cities will be formed in the next two weeks, the release said.

The Ministry will release Rs 200 crore for each of the 20 selected cities only after the SPVs are set up.

SPVs are required to be set up under Smart City Mission Guidelines to ensure timely and efficient execution of plans.

Besides mobilising resources from various sources, SPVs will approve, sanction and execute the projects.

Madhya Pradesh has set up a 12-member SPV for each of the three cities, while Rajasthan has set up a 11-member SPV for Jaipur and a 13-member body for Udaipur.

Source: Economic Times