Odisha Channel Bureau Bhubaneswar: Odisha capital Bhubaneswar which came at the top of the first batch of 20 smart cities selected by the Ministry of Urban Development also became the first to get its Special Purpose Vehicle take off holding the first meeting of the Board of Directors last week at which several operational decisions were taken.According to a PIB release, at the first Board meeting held on March 29, 2016, R.Balakrishnan, Development Commissioner and Additional Chief Secretary to Government of Odisha was appointed as Chairman of the SPV, Vice-Chairman of Bhubaneswar Development Authority as Managing Director and R.Vineel Krishna as the CEO of Bhubaneswar Smart City Limited.A 16-member Board of Directors was set up 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.Bhubaneswar Smart City Limited, the Special Purpose Vehicle will have Authorised Capital of Rs.500 crore divided into 5 crore shares of Rs.100 each.Of this, the Government of Odisha and Bhubaneswar Municipal Corporation will have a share of Rs.112.50 crore each while Bhubaneswar Development Authority will contribute share capital of Rs.250 crore.As required under the provisions of the Companies Act, 2013, the Board of Bhubaneswar Smart City Limited declared the date of commencement of business as April 1, 2016.The Board in its first meeting also decided on delegation of financial powers.CEO can accord administrative approval for projects up to Rs.7 crore, Managing Director – up to Rs.10 crore, Executive Committee of SPV – up to Rs.25 crore and the Board up to Rs.100 crore projects costing over and above Rs.100 crore will be sanctioned by the state government.Project management will be undertaken through engagement of Project Management Consultancy.CEO was authorized to finalize the terms and conditions and manner of recruitment and also engage agency for providing various services.R.Vineel Krishna, appointed as CEO of Bhubaneswar Smart City Limited was earlier Collector and District Magistrate of Malkangiri district.Under Smart City Mission Guidelines, SPVs for each smart city are to be set up to enable faster execution of projects by delegating to them powers of various concerned departments and agencies, the PIB release said.The Bhubaneswar Smart City Initiative will be structured, developed, designed, financed, implemented and monitored by a Special Purpose Vehicle, a company registered under Companies Act, 2013.The Company, an independent legal identity, will have designated and dedicated officials from diverse background for managing the initiative in time-bound manner with target oriented implementation schedules.
April 4, 2016
April 4, 2016
0 Comment
Related Articles:
- 5T Secretary reviews progress on CMO district visit grievance redressal
September 13, 2023, 11:47 am
- Patnaik announces Rs 10 lakhs each to Asian Game qualified Odisha athletes
September 13, 2023, 8:13 am
- Odisha CMO reviews grievances related to industrial development
September 12, 2023, 1:10 pm
- Odisha accelerates economic growth with approval of 9 key industrial projects
September 12, 2023, 4:02 am
- Odisha government is committed to welfare of animals: Patnaik
September 8, 2023, 4:18 pm
- Naveen Patnaik felicitates visually-challenged cricket players
September 8, 2023, 2:59 pm
- Odisha panchayat polls: Landslide victory for BJD, BJP distant second
March 1, 2022, 12:33 pm
- Hemananda Biswal: An inspiration for tribal leaders of Odisha
February 26, 2022, 5:17 am
- Hemananda Biswal passes away, to be cremated at his native place
February 26, 2022, 5:10 am
- Urban civic polls in Odisha to be held on March 24
February 25, 2022, 6:03 pm
Breaking News:
- Israel and Iran: How do they compare militarily?
June 13, 2025, 10:43 am - 300 workers blindsided by Illinois plant’s abrupt closure — after it served as a local linchpin for 60 years
June 13, 2025, 10:31 am - Israel has inflicted unprecedented damage on Iran's elite - why now?
June 13, 2025, 9:32 am - 'Disgusting': Lindsey Graham Called Out Over 'Ugly, Evil' Message On Social Media
June 13, 2025, 8:40 am - Three of Iran’s most powerful men killed as Israel targets top military and nuclear leadership
June 13, 2025, 7:13 am - Wordle hints today for #1,455: Clues and answer for Friday, June 13
June 13, 2025, 4:01 am - The longest-serving legislative leader in US history will be sentenced on corruption charges
June 13, 2025, 3:53 am - "It's The Single Biggest Difference I See In My Patients": Doctors Are Sharing The One Tip Everyone Should Follow For A Healthier Lifestyle
June 13, 2025, 3:16 am - Antonio Brown reportedly wanted for attempted murder charge after boxing incident in May
June 13, 2025, 1:59 am - Ex-Michigan assistant coach Matt Weiss finally responds to allegations with court filing
June 12, 2025, 11:27 pm