The Hindu : New Delhi News : Delhi Cabinet clears SPV

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Saturday, Feb 11, 2006

New Delhi

New Delhi

Delhi Cabinet clears SPV

Staff Reporter

Assembly session from March 1 to 17; Budget on March 8

NEW DELHI: In a major bid to give the Capital's transport system a lift before the Commonwealth Games-2010, the Delhi Cabinet on Friday cleared the establishment of an independent authority to implement and operate major projects like monorail, High Capacity Bus Scheme and Light Rail to ensure an improvement in the passenger amenities.

Likely to function on the lines of the DMRC, the Cabinet which met under the leadership of Chief Minister, Shiela Dikshit, gave its nod for the incorporation of a Special Purpose Vehicle (SPV) -- Delhi Integrated Multi-Modal Transit System (DIMTS) -- that would have the full technical and financial powers to take quick decisions.

To be headed by the Chief Secretary, the new body would have three full time directors and eight part time directors.

The Chief Minister said an MoU for inclusion of holding company with initial authorised capital of Rs.1,000 crores would be finalised soon.

The SPV will be responsible for all aspects of implementation of operation, maintenance including planning design, financing and maintenances of services for various modes of transit such as HCBS, Monorail, Light Rail and Intermediate Public Transport.

The Cabinet also approved holding of the Budget session of the Delhi Assembly from March 1 to 17.

The Lieutenant Governor would address the House on opening day of the session while the budget would be presented on March 8 during the 12-day session.

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