Pune (PUNE): The Special Purpose Vehicle (SPV) for the city’s ambitious Pune Metro Rail Project (PMRP) will take shape within the next two weeks.
The officer-on-special duty of the PMRP, Shashikant Limaye, said that the SPV will oversee the entire project implementation and has to establish an organisation to execute the project on a daily basis.
While the State government will nominate six directors in the SPV, the Centre will have five members. All the 11 directors of the SPV will either be bureaucrats or experts of such mega projects.
The Centre had recently given its in-principle nod for the project that will cost about Rs.10,183 crore with the target date for completion being 2021.
The Metro Rail Project will cover a length of 31.51 kms along two corridors – Corridor 1 covering 16.59 kms from PCMC to Swargate and Corridor 2 covering 14.92 kms from Vanaz to Ramwadi.
“After the formation of the SPV, a memorandum of understanding (MoU) will be signed between the Centre, the State government and the SPV. This MoU will be forwarded to the Planning Commission, Public Investment Board and if necessary, the cabinet, for the provision of funds to execute the project,” he added.
According to Limaye, the formation of the SPV is taking some time since the nod from the concerned officials and experts are needed for being on the board.
Since the municipal commissioners of both the Pune Municipal Corporation (PMC) and the Pimpri-Chinchwad Municipal Corporation (PCMC) have changed, the signatures of the new incumbents have to be taken as both of them would be part of the SPV’s board of directors.
While PMC commissioner Vikas Deshmukh has given his consent as the director of the SPV, PCMC commissioner Rajiv Jadhav’s signature is awaited.