VIJAYAWADA: The State government has approved the formation of a Special Purpose Vehicle (SPV) under the Companies Act to oversee the development, implementation, operation, and management of key projects in Amaravati Capital City and Region.
According to G.O. Ms. No. 206 issued by the Municipal Administration and Urban Development (MA&UD) Department, the SPV will execute major infrastructure projects, including the Greenfield Airport, NTR Statue, Iconic Bridge, Sports City, Riverfront Development, Smart Industries, Ropeway, and Inner Ring Road.
The SPV will have an authorised capital of Rs 10 crore and a paid-up capital of Rs 1 crore. The state government will hold 99.99 per cent equity, while the Andhra Pradesh Capital Region Development Authority (APCRDA) and nominated officials will share the remaining 0.01 per cent.
The Board of Directors will comprise Principal Secretaries from the MAUD, Finance, Energy, Transport, and Industries departments, along with the APCRDA Commissioner and three independent directors from the industry.
The Principal Secretary (MA&UD) will serve as the non-executive chairman and will nominate the Managing Director. The SPV will coordinate with the APCRDA to mobilise investments, manage public-private partnership projects, and ensure environmental and social compliance. It will be empowered to raise funds and administer contracts.
The government said the new framework aims to accelerate the execution of Amaravati’s priority infrastructure projects and enhance coordination between government agencies and private sector partners.