Odisha Govt Forms SPV For Rourkela Smart City Projects

Bhubaneswar: The Odisha government has constituted Rourkela Smart City Limited (RSCL), a special purpose vehicle (SPV), to execute Rourkela Smart City projects.

The RSCL will be registered under Companies Act-2013 and the promoters of the SPV are housing and urban development (H&UD) department, Rourkela Municipal Corporation (RMC) and Rourkela Development Authority (RDA).

While H&UD department and RDA will have 45 per cent stake each in the company, RMC will hold 10 per cent stake, said a notification.

The SPV would approve and sanction projects and also execute the projects within the prescribed deadline, officials said.

According to a notification, the company will have 15 directors including five independent directors.

While development commissioner is the chairman of the board, finance secretary, H&UD secretary, Union government representatives, chief executive officer of Rourkela Steel Plant, Sundargarh collector, vice-chairman of RDA, RMC commissioner, Rourkela ADM, chief executive of RSCL are other members.

The five independent directors will be selected as per the guidelines of Smart City Mission.