Visakhapatnam: The special purpose vehicle for smart city project has spent Rs 40 crore so far and bills of Rs 62 crore are in process for payment under respective works of the project.
The Greater Visakhapatnam municipal corporation has incorporated this fund and identified projects under the smart city programme. The Central government grants equity of Rs 500 crore, while the state government matches it with a grant of Rs 500 crore. The balance funds are to be met by the SPV by convergence from other schemes.
Out of estimated Rs 1,602 crore for five years, the Union government has released Rs 194 crore, and the state government has provided Rs 200 crore till now, GVMC commissioner M. Harinarayanan said.
He further said that among the 47 projects, 25 are area-based development and the rest are pan-city level. As part of green initiative, the civic body has proposed using 10 MW of solar energy at schools and offices. The GVMC has already installed a 1.5 MW solar panel to its office at Rs 7.62 crore.
