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An SPV to be set up for Thane Smart City project

An SPV will help in the planning, implementation, operation, monitoring and management of the project

An SPV to be set up for Thane Smart City project

A Special Purpose Vehicle (SPV) will be set up soon by the government to facilitate Thane in becoming a smart city, said the city's Municipal Commissioner, Sanjeev Jaiswal.

Thane was in the list of cities released  by the Urban Development Ministry in New Delhi last month.  

"Initial preparations for the Smart City project is almost over and the next step towards its implementation is the creation of SPV. Work on the project is on the fast track," Jaiswal told PTI on the sidelines of a cleanliness drive held in the city yeaterday.

Thane has proposed a Rs 6,630 crore plan under Smart City and AMRUT missions. Of this, the civic body has funded Rs 4,375 crore.

"The implementation of the mission at the city level will be done through the SPV. It will plan, appraise, approve, release funds, implement, manage, operate, monitor and evaluate the project," he said.

According to Jaiswal, each smart city will have a SPV which will be headed by a full time CEO and have nominees of central government, state government and urban local bodies (ULB) on its board.