Bhubaneswar Smart City Limited, India’s first SPV on smart city, started operations

Apr 5, 2016 12:50 IST

India’s first special purpose vehicle (SPV) on smart city - Bhubaneswar Smart City Limited - commenced operations on 1 April 2016.

The SPV was set up as per the Smart City Mission Guidelines to enable faster execution of projects by delegating to them powers of various concerned departments and agencies.

Incidentally, Bhubaneswar also topped the 1st batch of 20 smart cities list that was released by the Union Ministry of Urban Development on 28 January 2016.

About Bhubaneswar Smart City Limited

• It consists of a 16-member Board of Directors 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.

• It will have an authorised capital of 500 crore rupees, divided in to 5 crore shares of 100 rupees each.

• Of this, the Government of Odisha and Bhubaneswar Municipal Corporation will have a share of 112.50 crore rupees each while Bhubaneswar Development Authority will contribute share capital of 250 crore rupees.

• It was registered under the provisions of the Companies Act, 2013.

• Project management will be undertaken through engagement of Project Management Consultancy.

• The chief executive officer (CEO) is authorized to finalize the terms and conditions and manner of recruitment and also engage agency for providing various services.

• R Balakrishnan and R Vineel Krishna are the Managing Director and the CEO of the Bhubaneswar Smart City Limited respectively.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Is this article important for exams ? Yes5 People Agreed
Read more Current Affairs on: smart city , Bhubaneswar , SPV , special purpose vehicle , urban infrastructure

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK