Puducherry sets up SPV for smart city project
Puducherry Smart City Development limited, a special purpose vehicle to implement the smart city project in the Union territory of Puducherry has been set up by the Puducherry government. The cost of the Puducherry smart city project is Rs 1,827.82 crore and will be implemented within three years.
The Union government and Puducherry government will extend Rs 500 crore each and the French government will provide a loan of Rs 500 crore for the project. The government will mobilize the balance amount through open market borrowings.
The special purpose vehicle will be headed by secretary P Jawahar and it will function under the guidance of chief secretary Manoj Parida after taking policy decisions in consultation with the cabinet. The company will shortly appoint a separate project management consultant to implement the multi-crore project.