Punjab and Haryana Governments on Friday agreed to the terms and conditions of formation of Special Purpose Vehicle (SPV) for the implementation of Metro project. A meeting to discuss formation of SPV for Metro project was held by UT Administration with the State Governments of Punjab and Haryana.
A senior official of the UT Administration said, “The progress being made for formation of SPV for the implementation of Metro project in Tricity was reviewed in the meeting held under the chairmanship of adviser to the administrator.
“The format of Memorandum of Understanding circulated by Ministry of Urban development to UT and State Governments was considered by the senior officers present in the meeting representing the UT Administration and the Governments of Punjab and Haryana,” he said.
“The officers found the terms and conditions of the MOU workable and agreed to take the matter forward. Formal acceptance to MOU is expected to be received shortly from the State Governments of Punjab and Haryana,” added the official
The SPV, upon formation, will be able to act as a focal point for taking all further actions for taking the Tricity Metro project forward.
The SPV is expected to be set up at an initial investment of Rs50 crore. This SPV could be registered under companies act as a public sector body either wholly owned by the Government of India or with equity participation from the State Governments as well.