SPV formed for better bus service in Gurgaon Manesar urban complex

Tribune News Service

Chandigarh, October 4

The Haryana Government has decided to strengthen city bus service in the Gurgaon Manesar urban complex by forming a special purpose vehicle for implementing the much-awaited project.

Sanjeev Kaushal, Principal Secretary to the Chief Minister and Chairman of the Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC), said the corporation would hold 5 per cent equity in the SPV .

The SPV would be under the administrative control of the Department of Urban Local Bodies, Haryana. While the Municipal Corporation would have 51 per cent equity, HUDA would have 25 per cent. The participation of the HSIIDC and the state government would be 5 per cent and 19 per cent, respectively. The initial paid-up capital of the SPV would be Rs 1 crore.

Udyog Vihar in Gurgaon is a part of the NCR and has a rich industrial base. It boasts of some of the futuristic residential townships. The IMT, Manesar, was the flagship industrial park of Haryana. The IMT had been developed by the HSIIDC. Some of the prestigious companies in the IMT, Manesar, were Denso, Johnson Mathey, Napino Auto, Honda Motorcycles and Scooters, Norcool, Baxter, Mitsubishi, Stanley, Munjal Showa, NTF, Machino TSK Nippon, Automotive Research Association, Pricol, Nagata India, Yamuna NHK, Sunbeam Steel, Toyota Kirloskar etc. As many as 600 acres has also been allotted to Maruti Udyog Limited for the expansion of its existing project and a diesel engine unit for captive consumption.

The HSIIDC had also developed a technology park at the IMT, Manesar, spanning an area of around 140 acres under the campus development norms. The corporation had already allotted land to reputed companies for setting up their projects in this park.