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Special Purpose Vehicle(SPV) formed for Smart City project
September 20 , 2017
2622 days
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PUDUCHERRY
- The Puducherry government has formed a Special Purpose Vehicle (SPV) named “Puducherry Smart City Development Limited” to implement the Smart City project.
- Registered as a limited company under the Companies Act 2013, the SPV will have the Government of Puducherry and the Municipality as its promoters having 50:50 equity shareholdings.
- It has a 16-member director board consisting of Chief Secretary Manoj Parida as the Chairman and Secretaries to Finance, Local Administration Department, Tourism, Information Technology, Power among others as directors. The SPV will also appoint a Chief Executive Officer.
- AFD, the French bilateral development agency, will provide technical assistance and capacity building to help the SPV in preparing and implementing the smart city project.
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