Andhra Government forms SPV for development of Amravati Smart City

The Andhra Pradesh Government, along with the Ministry of Urban Development, have formed a special purpose vehicle (SPV) called Amravati Smart City Corporation for the development of Amravati Smart City project. The paid up capital of the SPV will be Rs 5 lakh, comprising of 50,000 equity shares of Rs 10. This will be augmented as needed. The authorised share capital for the same is Rs 20 crore, which will also be increased as required. Ramesh Chand, Director, HUPA, has reportedly been nominated as the Director on Board for the Amravati Smart City SPV. It will be chaired by the state principal secretary, along with 10 more members which will include Ramesh Chand.   The design for implementation of the project is close to being finalised and work on the same is predicted to begin shortly.