BHUBANESWAR, OCT 31: In its bid to speed up Shamuka beach project near Puri which is moving at a snail’s pace, the Odisha Government today decided to form a joint venture company — Shamuka Tourism Development Corporation Ltd (STDCL) — for implementation of the project and development of other tourism projects around Puri town and peripheral tourist locations like Chilika, Satapada and Raghurajpur.
The Odisha Tourism Development Corporation (OTDC) and Odisha Industrial Infrastructure Development Corporation (IDCO) will have an equal equity participation in the STDCL which will act as a special purpose vehicle.
Initially both OTDC and IDCO will invest Rs 5 crore each equity capital in the proposed JV company.
The registered office of the company will be at Puri for close monitoring of the project.
OTDC has been asked to take necessary steps to finalise Memorandum and Article of Association and register STDCL with Registrar of Companies at the earliest.
About 982 acres of land has been acquired for the Shamuka project in Sipasarubali near Puri city. The approach road up to the site and power station for the project are already in place.
