Special purpose vehicle for Tirupati smart city

HYDERABAD: Andhra Pradesh government on Friday floated Tirupati smart city corporation limited for the development of temple town Tirupati as smart city. The SPV will be owned by the state government and the Tirupati Municipal Corporation on 50:50 ratio and will be governed by a board of directors and is answerable to union and state governments and Tirupati Municipal Corporation and all other stakeholders.

The paid up capital of the Special Purpose of Vehicle will be Rs.5.00 lakhs divided into 50,000 equity shares of Rs.10/- each. This paid up capital will be increased as and when the funds are released to the SPV. The following officers are nominated as initial shareholders of the SPV.

The government also authorized the principal secretary to government, MA & UD department and the Commissioner, Tirupati Municipal Corporation to sign the incorporation papers of the SPV on behalf of the governor of Andhra Pradesh and the Tirupati Municipal Corporation respectively.

Soon government will prepare a memorandum of association and the articles of association of the SPV prepared as per the guidelines issued by the urban development ministry.