[ecis2016.org] The Maharashtra cabinet has decided to form a special purpose vehicle (SPV), to raise funds for its ambitious Mumbai-Nagpur Samruddhi corridor project
The Maharashtra cabinet, chaired by chief minister Devendra Fadnavis, on October 24, 2017, approved the proposal to establish Nagpur-Mumbai Super Communication Expressway Limited, a special purpose vehicle (SPV), which will work as a secondary company of the Maharashtra State Road Development Corporation (MSRDC). The SPV will work as a fund raiser and will supervise the completion of the project within the stipulated time frame, an official from the chief minister’s office said.
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According to the official, the SPV will be registered under the Registrar of Companies Act. The ground breaking ceremony of the project is expected in January 2018 and the MSRDC has set a target to complete it within 30 months.
“Fifty-one per cent share capital of the SPV will be owned by the MSRDC. The members of the SPV will be the commissioner of the Mumbai Metropolitan Region Development Authority (MMRDA), chief executive officer of the Slum Rehabilitation Authority (SRA), vice-president and CEO of the Maharashtra Housing and Area Development Authority (MHADA), managing director of Maharashtra Industrial Development Corporation (MIDC) and MD of CIDCO,” a statement issued by the chief minister’s office said. The 700-km Samruddhi corridor, will pass through 392 villages across 11 districts. The MMRDA has acquired 980 hectares of land from farmers through direct purchase.
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