Jammu and Srinagar will be brought under mass rapid transport and metro transport setup as the State Administrative Council approved setting up of two corporations, an official spokesman said Friday.
The SAC, under the chairmanship of Governor Satya Pal Malik, Thursday approved the proposal for incorporation of two corporations -- Jammu Mass Rapid Transit Corporation Private Limited and Srinagar Mass Rapid Transit Corporation Private Limited -- along with the memorandum of association (MoA) and articles of association (AoA) of these corporations, he said.
These corporations, which will be headed by the administrative secretary of Housing and Urban Development Department, will have on its board administrative secretaries of finance and transport, transport commissioner, CEOs of economic reconstruction agencies and metropolitan authorities, and other experts besides nominee of the Ministry of Housing and Urban Affairs, the spokesman said.
The corporations will have chief executive officers to provide requisite leadership.
These corporations will be extended arms of the metropolitan authorities (MRDAs), recently constituted by the governor's administration, and will supplement these authorities, especially in areas related to the Multi-Modal Transport System (MMTS) and the Mass Rapid Transit System (MRTS), the spokesman said.
They will initially have share capital of Rs 10 crore divided into 1 crore shares of Rs 10 each which will be subscribed fully by the state government.
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The authorised capital can be increased or decreased at any later stage depending on needs of the two corporations, the spokesman added.
These corporations will be mandated to address the issues of urban mobility in the state in a holistic manner by providing safe, affordable, reliable and sustainable access for the city inhabitants to jobs, education, recreation etc.
The corporations will ensure an efficient well-integrated and multi-modal public transport system for enhanced and hassle-free mobility in the cities.
They will undertake bus operations in Srinagar and Jammu to address the issues of congestion in the capital cities by inducting 300 to 400 buses each, which will provide a robust and reliable transportation system to the commuters, the spokesman added.