ROURKELA: The State Government has formed the Rourkela Smart City Ltd (RSCL), a Special Purpose Vehicle (SPV), for implementation of programmes under Smart City Mission.
A notification issued in this regard by Commissioner-cum-Secretary of Housing and Urban Development (H&UD) Department G Mathi Vathanan on Friday prescribed the authorised capital of Rs 500 crore and paid up capital of Rs 250 crore for the SPV.
Sources said the Housing and Urban Development Department, Rourkela Municipal Corporation (RMC) and Rourkela Development Authority (RDA) with a share pattern of 45:45:10 would act as promoters. The authorised capital of Rs 500 crore consists of Rs 5 crore equity share of Rs 100 each while the paid up capital of Rs 250 crore is divided into Rs 2.5 crore equity shares of Rs 100 each.
The Board of Directors would be led by the Development Commissioner-cum-Additional Chief Secretary as Chairman and comprise a total of 10 directors including Secretaries in Finance and H&UD departments, Sundargarh Collector, RMC Commissioner and Rourkela ADM along with five independent directors.
The RSCL would be incorporated as a limited company under the Companies Act, 2013 with its registered office at Rourkela. The RSCL would approve, sanction and execute Smart City projects. This apart, it will mobilise resources, act on reports of third party review and monitoring agency, oversee capacity building activities, ensure timely completion of projects, review progress of projects and coordinate with various Government departments.
If required, the RSCL would also be entitled to incorporate joint venture (JV) and subsidiary companies to mobilise funding including foreign investments.
RMC Commissioner AK Mallick said a preliminary meeting of the SPV committee would be convened shortly to begin process for its registration under the Companies Act.