Special Purpose Vehicle (SPV) Aligarh Smart City Ltd.

Project Details: Aligarh Smart City Limited was registered on August 30, 2017, the primary reason for creation is to ensure operational independence and autonomy in decision making and mission implementation.
The implementation of the Mission at the City level will be done by a Special Purpose Vehicle (SPV) created for the purpose. The SPV will plan, appraise, approve, release funds, implement, manage, operate, monitor, and evaluate the Smart City development projects. Each smart city will have an SPV which will be headed by a full-time CEO and have nominees of Central Government, State Government, and ULB on its Board. The States/ULBs shall ensure that, (a) a dedicated and substantial revenue stream is made available to the SPV to make it self-sustainable and could evolve its creditworthiness for raising additional resources from the market and (b) Government contribution for Smart City is used only to create an infrastructure that has public benefit outcomes. The execution of projects may be done through joint ventures, subsidiaries, public-private partnerships (PPP), turnkey contracts, etc suitably dovetailed with revenue streams.

The SPV will be a limited company incorporated under the Companies Act, 2013 at the city-level, in which the State/UT and the ULB will be the promoters having 50:50 equity shareholding. The private sector or financial institutions could be considered for taking an equity stake in the SPV, provided the shareholding pattern of 50:50 of the State/UT and the ULB is maintained and the State/UT and the ULB together have majority shareholding and control of the SPV.
Region where project is implemented: Aligarh, Uttar Pradesh
Project Duration
The project duration is of 2 years beginning from July 2018 to June 2020.
Role of AIILSG in the Project
AIILSG is assisting Aligarh Smart City Pvt. Ltd. in recruiting key staff members for implementing the projects and programs as envisaged in Smart City Plan (SCP) of Aligarh