SPV in place for smart city project

Fast tracking the building of smart city project, the Coimbatore Corporation has initiated steps to register the Special Purpose Vehicle (SPV) that will steer the execution of the projects under the Central Government's Smart City project, said official sources, claiming that the Corporation has named the SPV, Coimbatore Smart Cities Limited (CSCL), and has initiated the process of registering it as a company under Companies Act, 2013 and that the CSCL would have a chairman, a managing director and 11 directors including a representative of the Ministry of Urban Development of the Government of India, a representative of the Finance Department, Deputy Commissioner, Traffic, Coimbatore City Police, Superintending Engineer or Executive Engineer, Public Works Department, a representative from the Tangedco and a few others. The CSCL would start with approved share capital of Rs. 200-cr with 50:50 stake by the State Government and Corporation.