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Coimbatore Corporation To Form SPV To Implement Smart City Projects

Industry Economy

The Coimbatore Corporation is to form SPV which will be a public limited company that will plan, appraise, approve, release funds, implement, manage, operate, monitor and evaluate the Smart City development projects. After the SPV is formed, Rs.194cr will be sanctioned by the ministry and Rs.100cr will be released by the state government. Equal amount will have to be raised by the civic body. After the funds are gathered, the civic body could take loans facilitated by the ministry from World Bank or Asian development bank as well or opt for private public partnership.

Extracted from TNN, Jan 30,’16

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