Chennai smart city project on roll as SPV formation process begins
Chennai

Chennai smart city project on roll as SPV formation process begins

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1435177544-5547The 1,366.24-crore Chennai smart city project is in full swing with the government passing an order to form Special Purpose Vehicle (SPV) – a requirement to fetch funds from the Union Ministry of Urban Development.

The SPV for Chennai, among the top 20 cities selected for the programme, will be responsible for overall supervision of the project starting with planning, approving, implementing and evaluating its development along with releasing funds for the same.

The Chennai Smart City Ltd (CSCL) was formed under the Companies Act, 2013 and will be promoted jointly by the state government and the Greater Chennai Corporation with an equal equity share holding, according to an official communication from the Corporation.

It has also been highlighted that the neighborhood of T Nagar in Chennai, selected for area-based proposal in the project, will be developed for electrical network, water supply, sewerage, storm water drainage, solid waste management, IT connectivity and digitization, sanitation, pedestrian-friendly pathways and ramp, non-motorised transport, intelligent traffic management systems and retrofitting of green open spaces.

The pan-city plan will be focussed on providing smart solutions using information and communication technology. It has been proposed for non-motorised transport and water management and is scheduled to be implemented between 2015-16 and 2019-20.

It is expected that a few US firms will provide funding and technology for the venture. In February, an 18-member US business delegation led by department of commerce deputy secretary Bruce Andrews was in Chennai for a conference organised by Indo-American Chamber of Commerce on the Centre’s Smart City project.

The corporation commissioner will chair CSCL, to be headquartered in Amma Maaligai in Ripon Buildings.

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