Chennai Smart City Ltd. is a special purpose vehicle under the Greater Chennai Corporation. The main verticals of focus in Smart City are Public Transport with modern bus stops, depots, PIS boards, Parking Management, Cycle Share Systems, Solid Waste Management, Uninterrupted water supply, Good electrical supply, World class parks, Surveillance and Security, Intelligent Transport Systems etc…
Chennai Smart City Limited (CSCL) is a limited company and was incorporated on 15th July 2016 under the companies act, 2013. The main objective of CSCL is to plan, appraise, approve, release funds, implement, manage, operate, monitor and evaluate the Smart City development projects. The company is having 7 board of directors and headed by chairman, who is the commissioner of GCC. The Company and other shareholders will voluntarily comply with the provision of the Companies Act with respect to induction of independent directors.
CSCL should ensure that
A dedicated and substantial revenue stream is made available to the SPV so as to make it self-sustainable and could evolve its own credit worthiness for raising additional resources from the market and
Government contribution for Smart City is used only to create infrastructure that has public benefit outcomes. The execution of projects may be done through joint ventures, subsidiaries, public-private partnership (PPP), turnkey contracts etc. suitably dovetailed with revenue streams.
Approve and sanction the projects including their technical appraisal.
Execute the Smart City Proposal with complete operational freedom.
Take measures to comply with the requirements of MOUHA with respect to the implementation of the Smart Cities programme.
Mobilize resources within timelines and take measures necessary for the mobilization of resources.