Govt forms SPV for ISBT project Katra
Srinagar: The Jammu and Kashmir Government on Thursday formed a 12-member Special Purpose Vehicle (SPV) headed by administrative secretary Housing and Urban Development Department for implementation of Inter State Bus Terminal (ISBT) Project, Katra.
The committee, as per a government order issued here, the SPV has been tasked to finalize concept, design and comprehensive plan of the project; finalize financial viability and model of funding of project; oversee bidding process for architectural designs and financial proposals; take measures for mobilization of resources/funding in a regulated manner which may also include self financing model for commercial spaces: decide implementation schedule with strict monitoring mechanism for timely completion of the project; enter into contract, sign MoUs as may be required for implementation of the project and resolve all other inter-alia issues involved; and resolve all inter-departmental issues encountered in implementation of project.
What is SPV?
SPV is a subsidiary company with an asset/liability structure and legal status that makes its obligations secure. It is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives.
