SPV Company named as Patna Smart City Limited (PSCL) formed

A special purpose vehicle (SPV) company named the Patna Smart City Limited (PSCL) has been formed to implement the smart city projects. The chairman of the SPV will be Anand Kishor, Patna divisional commissioner. Patna Municipal Corporation (PMC) commissioner Abhishek Singh is the managing director while finance department’s deputy secretary Vinod Kumar Tiwari and urban development and housing department’s deputy secretary KD Prajwal are directors. The company will function from the fifth floor of Biscomaun Bhawan (6,000 sq feet area). Kishor said as per preliminary plans, 837 acre covering Gandhi Maidan, Exhibition Road, Patna Junction, R-Block, Beerchand Patel Path, Mandiri, Vidyapati Marg and Fraser Road has been earmarked under Smart City. “The proposed Smart City covers major commercial areas. With the formation of the company, the projects will pick up pace. All the proposals and plans will be cleared with the consent of the company’s board members,” he said. The estimate of total project cost is Rs. 2,776.16 crore in which Rs. 2,542.54 crore is for area-based development (ABD) and Rs. 243.62 crore for Pan City. Now, Rs. 982.31 crore has come from convergence from other schemes in smart city, Rs. 800.37 crore from public-private partnership and Rs. 930 crore from central and state governments in 50:50 ratio.