Inching closer towards implementing the smart city mission in Dharamshala, the Himachal Pradesh Cabinet has approved setting up of a Special Purpose Vehicle (SPV) in the city which was selected under the mission last month by the Government of India.
The SPV is mainly responsible for autonomous functioning of the smart city mission in terms of decision-making and carrying out related activities. Specifically, the body will approve the projects along with making corresponding disbursement of funds. It will pave way for the creation of a governing body which will be chaired by either Divisional Commissioner of Kangra or any other person authorized by the state government including one nominee from Government of India besides Mayor and Deputy Mayor and others.
The SPV at the city-level will be a limited company incorporated under the Companies Act, 2013, in which the state and the Urban Local Body (ULB) will be the promoters having an equal share in equity.