Citizens would hold 50% stake in terms of shares. The rest would be divided between the BMC, the MMRDA, and private financial institutions.
MUMBAI: The government has decided to corporatise Mumbai’s crumbling civic infrastructure so that the system does not remain hostage to rampant corruption.
It has prepared a draft of a special purpose vehicle (SPV) proposing a three-way partnership between citizens, corporations, and the government to execute and maintain the city’s amenities and introduce accountability.
Citizens would hold 50 per cent stake in terms of shares in the new arrangement. The rest would be divided between the BMC, the Mumbai Metropolitan Region Development Authority, and private financial institutions like IDFC and HDFC.
This company would execute projects like road repairs, construction of pavements and public toilets, subways, and foot-overbridges.
The idea took root when the Citizens Action Group (CAG) mooted it with Chief Minister Vilas Deshmukh two months ago. The scheme was conceptualised and promoted by HDFC chairman Deepak Parekh.
“I am dismayed at the pace at which road repairs are done in Mumbai,” Parekh told DNA.
“Internationally, civic work is treated with urgency, but here half the city is dug up as workers work at the site for barely 3-4 hours daily. We need pace, good quality work, and, above all, a sense of accountability.”
Parekh admitted the three-way partnership concept is experimental, but stressed that corporations and citizens need to come together. “Marine Drive should have been beautified 10 years ago,” he said.
“But it’s a struggle to get 40 approvals for the project. Personally, I want to beautify the road outside the HDFC office at Churchgate. But how do I deal with hawkers and double parking of taxis? Hopefully, this SPV will monitor, build, and maintain civic work.”
Calling it the voice of the people of Mumbai, Sanjay Ubale, secretary, special projects, said civic works need an injection of professionalism. “Citizens can question the works undertaken by the company at annual general meetings.”
Ubale said the government is also looking for a qualified CEO who can bring his team along. The market value of the shares will be worked out by experts, he said.
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