Maharashtra cabinet today decided to form a Special Purpose Vehicle (SPV) to raise funds for its ambitious Mumbai-Nagpur Samruddhi corridor project.
The state cabinet chaired by Chief Minister Devendra Fadnavis today approved the proposal to establish Nagpur-Mumbai Super Communication Expressway Limited, the Special Purpose Vehicle (SPV) which will work as a secondary company of Maharashtra State Road Development Corporation (MSRDC).
According to an official from the Chief Minister's office, the SPV will be registered under the Registrar of Companies Act.
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The SPV will work as a fund raiser and will supervise the completion of the project within the stipulated time frame, the official said.
The ground breaking ceremony of the project is expected in January 2018 and MSRDC has set a target to complete it within 30 months.
"Fifty one per cent share capital of SPV will be owned by MSRDC. The members of SPV will be the commissioner of MMRDA, Chief Executive officer (CEO) of Slum Rehabilitation Authority (SRA), vice president and CEO of Maharashtra Housing and Development Authority (MHADA), managing director of Maharashtra Industrial Development Corporation (MIDC) and MD of CIDCO," a statement issued by the Chief Minister's office said.
The 700-km Samruddhi corridor will pass through 392 villages across 11 districts.
The MMRDA has acquired 980 hectares land from farmers through direct purchase.
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