SPV takes up Rs. 500cr work on city project

Fast tracking the construction work on the Bhubaneswar smart city project in the state capital of Odisha, the newly appointed Chief Executive Officer Bhubaneswar Smart City Limited, R.Vineel Krishna has started the building work with the authorized capital worth Rs.500cr. It may be recalled that Bhubaneswar came at the top of the first batch of 20 smart cities selected by the Ministry of Urban Development also became the first to get its Special Purpose Vehicle take off. As a matter of fact, a 16-member Board of Directors was set up with representatives of various departments and agencies of the Odisha Government, one representative of Government of India and 5 Independent Directors of which at least one will be woman. Of this, the Government of Odisha and Bhubaneswar Municipal Corporation will have a share of Rs.112.50-cr each while Bhubaneswar Development Authority will contribute share capital of Rs. 250cr. As required under the provisions of the Companies Act, 2013, the Board of Bhubaneswar Smart City Limited declared the date of commencement of work on building the mega smart city project, sources claimed.