Gandhinagar: Gujarat Chief Minister Bhupendra Patel has decided to form Tapi Riverfront Development Corporation Limited as a special purpose vehicle (SPV) for the implementation of Tapi Riverfront Development project in Surat, the second largest city of the State.

CM Patel has given in-principle approval to the proposal of starting the SPV Tapi Riverfront Development Corporation Limited with authorised capital of Rs 10 crores, informed him office, adding that CM Patel has decided to appoint Surat Municipal Commissioner as the representative chairman of state government in the board of directors of the SPV.

Out of nine shareholders, 3 are the officials nominated by the state government in the SPV. The CEO of Surat Urban Development Authority (SUDA) will be appointed as representative director of SUDA in the SPV. CM Patel has also recommended that Rs 5 crores should be paid by the state government and the remaining Rs 5 crores should be paid by Surat Municipal Corporation (SMC) out of the total paid-up capital of Rs 10 crores, and the provision of Rs 5 crores should be made in the budget of the upcoming year for this purpose.

The central government has approved the proposal of loan worth 70 percent of the total project cost from the World Bank for the works of Phase-1 of Rs 1991 crores of Tapi Riverfront Project.

This information was shared by the state government in a note released for media. DeshGujarat