Bhubaneswar SPV has declared commencement of business from April 1,2016 and at its first board meeting held on March 29, 2016 appointed R Balakrishnan, development commissioner and additional chief secretary to government of Odisha as chairman of the SPV, vice chairman of Bhubaneswar Development Authority as managing director and R Vineel Krishna as the CEO of Bhubaneswar Smart City.
A 16-member board of directors was set up with representatives of various departments and agencies of the Odisha Government, one representative of government of India and 5 independent directors of which at least one will be woman.
Bhubaneswar Smart City, SPV will have authorised capital of Rs 500 crore, divided in to 5 crore shares of Rs 100 each of this, the government of Odisha and Bhubaneswar Municipal Corporation will have a share of Rs 112.50 crore each while Bhubaneswar Development Authority will contribute share capital of Rs 250 crore.
The board in its first meeting also decided on delegation of financial powers. CEO can accord administrative approval for projects up to Rs 7 crore, managing director up to Rs 10 crore, executive committee of SPV up to Rs 25 crore and the board up to Rs 100 crore projects costing over and above Rs 100 crore will be sanctioned by the state government.
R Vineel Krishna appointed as CEO was earlier collector and district magistrate of Malkangiri district.
Under Smart City Mission Guidelines, SPVs for each smart city are to be set up to enable faster execution of projects by delegating to them powers of various concerned departments and agencies.