Special Vehicle Purpose SPV will be created for Tapi Riverfront project

Surat Special Vehicle Purpose SPV Tapi Riverfront Development Corporation will be formed for the implementation of Tapi Riverfront Project. Chief Minister Bhupendra Patel has taken this important decision. Chief Minister Bhupendra Patel has decided to form Tapi Riverfront Development Corporation Limited as a special purpose vehicle for the implementation of Tapi Riverfront Development Project taking shape in Surat metropolis. In Surat, new dimensions including city beautification are to be realized under this Tapi riverfront and rejuvenation projection.

Bhupendra Patel has given in-principle approval to the proposal to start Tapi Riverfront Development Corporation Limited SPV with an authorized capital of Rs 10 crore for this purpose. The Chief Minister has also decided to have the Municipal Commissioner of Surat as the representative chairman of the state government in the board of directors of this SPV. Not only this, out of the 9 shareholders to be appointed in this SPV, three officers have also been allowed to be nominated and appointed by the state government. The SPV will have a Sudanese CEO as Sudan’s representative director.
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Chief Minister Bhupendra Patel has directed that Rs 5 crore should be paid by the state government and Rs 5 crore by Surat Municipal Corporation out of the total paid up capital of Rs 10 crore for this SPV and for this purpose Rs 5 crore should be provided in next year’s budget. It is also pertinent to point out here that the Government of India has approved the proposal for a loan of 70 per cent of the project cost from the World Bank for the Rs.
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Then this project will also prove to be important for the Gujarat government. This is because Special Vehicle Purpose SPV Tapi Riverfront Development Corporation will be formed for the implementation of the Tapi Riverfront project. After which Tapi riverfront will also be developed.