The State government on Tuesday set up a Special Purpose Vehicle (SPV) in the name of Kaleshwaram Irrigation Project Corporation for mobilising funds for the lift irrigation scheme.
According to orders issued by Principal Secretary (Irrigation) S.K. Joshi, the SPV would will plan, appraise, approve, release funds, implement, manage, operate, monitor and evaluate the project. It would be headed by a full-time Chief Executive Officer and have nominees of State Government and financial institutions on its Board.
The SPV could appoint Project Management Consultants (PMC) for designing, developing, managing and implementing projects.
The State government shall put in a capital corpus amount of Rs.100 crore.