Urban bodies to have equal stake in Smart City project

Dehradun, August 22

Mussoorie-Dehradun Development Authority (MDDA) and Dehradun Municipal Corporation (DMC) will be equal shareholders in the Smart City project. 

Madan Kaushik, Urban Development Minister, said, “The urban bodies have a greater role to play in the city’s development. Both the entities will have equal stake in the city’s development. The company will be registered shortly.” 

The MDDA was keen to have a larger share in the Special Purpose Vehicle (SPV), which would be registered as a limited company under the Companies Act, 2013, for implementation of the project.  This would be followed by a formal application to the state government for delegating powers to the company. It would plan, implement and release funds for the project.

Dilip Jawalkar, an IAS officer, as the Chief Executive Officer of the company. — TNS