Chief Minister V Narayanasamy said here today that Puducherry would emerge as a global tourism destination through the smart city project.
Addressing reporters here after launching the "Puducherry Smart City Development Limited", a Special Purpose Vehicle registered under the Companies Act, to implement the multi faceted Smart City project, he said he was grateful to Prime Minister Narendra Modi and also the Ministry of Urban Development Ministry for conceding the plea of Puducherry to include Puducherry in the smart city projects.
The Smart City Development Limited now formed would be the agency to implement the various developmental projects to ensure full fledged amenities to the people of Puducherry, he said.
Narayanasamy said that the project would cover for development as much as 1468 acres in Puducherry town limits and the project would be developed at a cost of Rs 1827.82 crore.
The Centre and Puducherry government would contribute Rs 500 crore each as their share in the implementation of the project.
Narayanasamy said that the French government also would provide as loan Rs 500 crores as its share for the innovative and development oriented project.The Puducherry Administration was also raising through open market borrowing the remaining sum.
Smart city project would be a reality in the next three years, he said.
Narayanasamy said that a team of French experts along with the Ambassador of France to India would be on a visit to Puducherry on October 9.
The Chief Minister said that French President Macron will visit Puducherry during his visit to Delhi in December.
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