Discussion for the implementation of the Mass Transit Project in Chandigarh

By 121 News Reporter  

Chandigarh 07^th June: A meeting was held under the Chairmanship of K.K. Sharma, Adviser to the Administrator, Union Territory of Chandigarh to discuss the draft Memorandum of Understanding to be signed jointly by the Ministry of Urban Development,Govt. of India and Union Territory of Chandigarh and State Governments of Haryana and Punjab for the implementation of the Mass Transit Project in Chandigarh. The representatives of respective States Governments submitted their view point on the Memorandum of Understanding. During discussion it was felt that there is a consensus among all the stakeholders that a Special Purpose Vehicle should be created to take this project forward. The exact equity structure for this SPV which will be formed as a company will be finalized shortly. It was also decided that the SPV may be named as Chandigarh Tricity Multi-Modal Transport Corporation (CTMTC). The SPV, upon formation, will be able to act as a focal point for taking all further actions for taking the Tri-city metro project forward.  After the modalities have been formally agreed amongst the 3 governments, UT Administration will write to MoUD to obtain approval of the Government of India.  Shri K.K.Sharma, Adviser apprised the participants that as per his discussions held with the Ministry of Urban Development's senior officials, the Ministry is keenly awaiting the formal acceptance of the proposed MoU by the 3 Governments for processing the matter further.