With the formation of a new company, the metro project finally seems to be making some forward movement.
With the formation of a new company, the metro project finally seems to be making some forward movement. The state government on Monday formed a new company for the development of Ahmedabad-Gandhinagar Metro Rail Project. The state industry and mines department has formally made an order for formation of the Rs200 crore company for the project. Though the moniker for the company has been proposed as the Metro Link Express for Gandhinagar and Ahmedabad (MEGA), it is pending approval by the company registrar.
The company will be totally state-owned and the Rs200 crore share capital will be funded by the state government. The authorised share capital of Rs200 crore will be divided into 20 crore equity share of Rs10 each. Initially the paid-up capital of the company will be Rs10 crore. MEGA will have the principal secretary, urban development department as its chairperson, the managing director of Gujarat Urban Development Company (GUDC) as its director, the principal secretary of the revenue department and other concerned officials as its members. The municipal commissioner of Ahmedabad Municipal Corporation, the chief executive officers (CEO) of Ahmedabad Urban Development Authority (Auda) and Gandhinagar Urban Development Authority (GUDA) will be the company’s primary subscribers. Independent experts will also serve as the directors of the company.
MEGA will work as the special purpose vehicle (SPV) for the execution of the Metro Rail Project. In its techno-feasibility report, the Delhi Metro Rail Corporation Ltd (DMRC) has given the Ahmedabad-Gandhinagar Metro Rail project a positive report and has also proposed a route of the corridor. To implement the project as the DMRC has suggested there was a need of establishing a SPV, in order to create a world-class metro rail link between the two cities.
The objectives of the MEGA will be to plan and implement the Metro Rail Project and its expansion in various phases, either directly or under suitable arrangements with the private sector or other concerned organisations. The MEGA will act as a nodal agency for all such future projects of the company. MEGA will act as a platform for such future projects. The MEGA will have a right to acquire land for the project and prepare and execute needed strategies.
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