Mr.R.Balakrishnan will lead the Board as Chair-Person of ‘Bhubaneswar Smart City Limited’, the special purpose vehicle (SPV), set up to execute projects for making the state capital a smart city. BDA Vice-Chairman Krishan Kumar was appointed as Managing Director and R.Vineet Krishna, Ex-Collector of ‘Malkangiri’ district will be the CEO of the SPV. Also, the Board will have 16 members as Board of Directors having representation from various departments and agencies of Government of Odisha, one from Central Government and 5 independent Directors of whom one will be Woman.
BSCL will have authorised a capital of Rs.500 crore, divided into 5 crore shares of Rs.100 each. Of this, Odisha Government and Bhubaneswar Municipal Corporation will have a share of Rs.112.5 crore each while BDA will contribute share capital of 250 crore. As per the guidelines, SPVs for each smart city are to be set up for proper execution of projects by delegating to them powers of various concerned departments and agencies.
