Bhubaneswar Buzz

SPV for Smart City Bhubaneswar project to have Rs 250 Cr for paid up capital

bhubaneswar tops smart city

DNAIndia writes

The Special Purpose Vehicle (SPV) for the smart city project in Bhubaneswar would have paid up capital of Rs 250 crore and authorised capital of Rs 500 crore.

A government release said the equity of the SPV company is being shared by the government of Odisha, Bhubaneswar Municipal Corporation (BMC) and Bhubaneswar Development Authority (BDA) on 45:45:10 basis.

BMC chairman Kishan Kumar said the SPV would have around 19 officers and staff from among whom 6 officers would be on whole time deputation and 13 would be recruited from open market.

A museum of urban history here is being planned. It would be like a public plaza to showcase the chronological and historic view of the city s evolution and architecture, Chief Secretary A P Padhi said after attending a meeting held to review the progress of the smart city project.

The release said the company will have a board of directors under the chairmanship of development commissioner-cum-additional chief secretary with secretaries to the finance, housing and urban development departments, principal secretaries to IT and general administration as its members.

More details from DNAIndia report