Corporation incorporates smart cities SPV

The civic body has incorporated the Special Purpose Vehicle (SPV) that will execute the projects under the Central Government scheme.

According to sources, the civic body incorporated the company, Coimbatore Smart City Limited, on July 15, under the Companies Act, 2013.

Sources said that it registered the company with the Registrar of Companies, Coimbatore, with a paid-up capital of Rs. 10 lakh.

Town Hall

The company will function from the Coimbatore city corporation main office at Town Hall.

The Commissioner for Municipal Administration is the chairman of the company and the Commissioner the managing director.

At present, there are three members including, the city engineer. Sources said that soon there will be more members.

As per the Central Government guidelines, the corporation should incorporate a company, the special purpose vehicle, which would implement the project. The Central Government had chosen Coimbatore as one among the Smart Cities.The company would oversee the implementation of the development of eight lakes under the ‘area-based development’ component of the Smart Cities project and installation of smart street poles across the city under the ‘pan city’ component of the project.