This story is from May 13, 2015

SPV set up for Outer Ring Road project

The prospects for the Rs 5,000 crore Outer Ring Road project have brightened with the state government setting up a special purpose vehicle (SPV) for its early execution on a self-sustaining model.
SPV set up for Outer Ring Road project

SURAT: The prospects for the Rs 5,000 crore Outer Ring Road project have brightened with the state government setting up a special purpose vehicle (SPV) for its early execution on a self-sustaining model. The SPV-Urban Ring Development Company (URDC)- will have 1 crore shares with a face value of Rs 10 and nine directors on the board. Surat Municipal Corporation and Surat Urban Development Corporation (Suda) will be majority shareholders of the URDC, which has been set up to develop the 64 km circular outer ring road and 11 town planning schemes (8 of Suda and 3 of SMC) on its either sides.
The URDC plans to earn more than Rs 10,000 crore from sale of land and development of 500 square metre of space on both sides of the roads.

"Committees will be formed soon. Tenders for the outer ring road project will be floated after the monsoon. We want to begin the work for the outer ring road project by the year-end," a senior SMC officer told TOI.
The URDC board will have three members each from the state government, SMC and Suda.
Meanwhile, a local level committee has been formed to help URDC in the implementation of the project. It consists of municipal commissioner, SMC deputy municipal commissioners and city engineer, Suda CEO and executive engineer, senior town planner and deputy collector.
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