STOCK MARKET BSE NSE

Special Purpose Vehicle to be set up soon

The review meeting on various preparatory works of Metro Rail to be chaired by the CM this month-end will discuss the matter.

Published: 21st October 2013 08:35 AM  |   Last Updated: 21st October 2013 08:35 AM   |  A+A-

The prospects of setting up a Special Purpose Vehicle (SPV) for coordinating the transport activities of Greater Kochi agglomeration area looks brighter now.

Once the SPV is floated, the funds for the projects under Jawaharlal Nehru Urban Renewal Mission (JNNURM) from the Centre will be channelised through it, thereby ensuring that the urban transport projects are carried out more effectively.

The Kochi Metro Rail Ltd (KMRL), which is coordinating the move of the state to revamp the existing transport infrastructure of Kochi to provide an able feeder system to the proposed Kochi Metro Rail, had already entrusted an agency to prepare the draft proposal for the SPV.

However, more details on the representation of various stakeholders in the SPV, the responsibilities of Kochi Corporation and Kerala State Road Transport Corporation (KSRTC) will be finalised only after further discussions and meetings.

The SPV formation for managing public transport is mandatory as per the National Urban Transport Policy for securing funds for JNNURM projects.

 “The review meeting on various preparatory works of Kochi Metro Rail, which will be chaired by the Chief Minister by the end of this month will discuss the formation of the SPV,” said KMRL Managing Director Elias George.

The formation of an SPV was a much-debated issue following a rift between the Kochi Corporation and the KSRTC about three years ago, when the low-floor A/C buses were pressed into service. The low-floor A/C buses and semi-low floor buses were introduced as part of the public transport project under the JNNURM.

The then government had entrusted the KSRTC with the operation of the buses.

The councillors protested against the decision and said that they did not have a say in deciding the routes of the buses allotted to resolve the travelling woes of the city while the buses were actually plying to the suburbs too.

Now, with KMRL spearheading the move to launch the SPV, the long-pending demand will soon become a reality.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

edexworks
flipboard facebook twitter whatsapp