Latest news with #SPVs
Business Standard
11-06-2025
- Business
- Business Standard
Government has disbursed nearly 99.44% of Smart Cities Mission's total budget outlay
Ministry of Housing & Urban Affairs issued advisory for Repurposing of Smart City Special Purpose Vehicles (SPVs). Launched in 2015, the Smart Cities Mission (SCM) promoted city-level innovation and integrated infrastructure delivery. Over the past decade, SPVs have demonstrated the ability to deliver complex, multi-sectoral projects with agility and innovation. As of March 2025, over 93% of the 8,000+ projects under SCM have been completed, with the Government of India having disbursed nearly 99.44% of the Missions total budget outlay of Rs 48,000 crore. In the process, the SPVs have cultivated a robust institutional capacity to manage high-value urban projects efficiently. Recognising the strategic investments made in establishing and strengthening SPVs and ICCCs, and their growing relevance in supporting Urban Local Bodies (ULBs) to address complex and evolving urban challenges, the Government of India is of the considered view that these entities should continue to operate beyond the completion of the Smart Cities Mission on 31.03.2025.
Time of India
10-06-2025
- Business
- Time of India
City shift: Housing ministry lays roadmap for Smart Cities SPVs beyond mission deadline; new advisory proposes five-pronged role in urban development
The ministry of Housing and Urban Affairs on Tuesday issued a detailed advisory to repurpose the Special Purpose Vehicles (SPVs) created under the Smart Cities Mission , aiming to leverage their institutional capacity for long-term urban transformation even after the scheme's closure on March 31. The advisory encourages states and Union Territories to identify pressing urban development priorities and assign new strategic roles to the SPVs, which were originally formed to plan and execute city-level infrastructure projects under the 2015 Smart Cities Mission. According to the ministry, the SPVs will now be guided to operate in five broad domains: technology support, project implementation, consulting, research and assessment, and investment facilitation. These areas reflect an effort to integrate SPVs more closely with ongoing state and city development agendas. The government noted that over the past decade, Smart Cities SPVs have demonstrated their ability to deliver complex, cross-sectoral projects with efficiency and innovation. The ministry also highlighted the investments made in establishing Integrated Command and Control Centres (ICCCs), which have played a key role in urban governance and data-driven decision-making. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dermatologist: Just Add 1 Drop Of This Household Item To Any Dark Spot And Wait 3 Minutes Dark Spot Corrector With the Smart Cities Mission officially concluded, the Centre's move to repurpose SPVs is aimed at sustaining the momentum of urban innovation and reinforcing the technical and managerial capacity of Urban Local Bodies. The advisory is intended as a strategic framework for states to ensure that these purpose-built institutions continue to address evolving urban challenges in areas such as infrastructure, technology, and service delivery. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hindustan Times
10-06-2025
- Business
- Hindustan Times
Centre issues fresh advisory to states on Smart Cities Mission
New Delhi: The union government has issued an advisory to states to ensure that special project vehicles (SPVs) and Integrated Command and Control Centres (ICCCs) are operational in all 100 cities under the Smart Cities Mission (SCM) and urging them to develop policies so that they can charge a fee as a consultant agency and for services delivered by them. In the advisory, the centre has asked states and union territories to integrate SPVs and ICCCs into their long-term governance frameworks, ensuring that the 'gains made under the Mission continue to benefit urban India'. 'Looking ahead, the advisory underscores the Government of India's firm view that the institutional and technical capacity built within the SPVs should be repurposed to meet emerging urban challenges. To support this transition, the advisory articulates a clear vision for repurposing SPVs as agile, multi-functional institutions aligned with evolving city and state-level priorities,' a government release said. The advisory said the SPVs can support cities in managing cyber hygiene, analytics, and data systems and ICCCs can be leveraged as city operating systems and state analytical hubs, with operational control preferably retained by the urban development departments. Further, the advisory said that SPVs are positioned to drive city-level economic development by supporting project structuring, procurement, and stakeholder coordination across tiers of government. While the success of the ₹48,000 crore mission remains mixed with varied rates of success, HT in May had reported that such an advisory was in the works as the mission came to an end in March. According to the government, as of March 2025, over 93% of the 8,000+ projects under SCM have been completed, with the Centre having disbursed nearly 99.44% of the mission's total budget of ₹48,000 crore.
&w=3840&q=100)
Business Standard
09-06-2025
- Business
- Business Standard
Birla Estates raises Rs 420 cr from IFC to finance projects in Mumbai, Pune
Real estate company Birla Estates has raised Rs 420 crore from International Finance Corporation (IFC) to finance its two projects in Mumbai Metropolitan Region and Pune. Birla Estates Pvt Ltd is a wholly-owned subsidiary of Aditya Birla Real Estate Ltd (formerly Century Textiles and Industries Ltd). In a regulatory filing on Monday, the company announced signing of agreements for an investment from IFC, a member of the World Bank Group. "The investment, approximately USD 50 million (Rs 420 crore), will be directed towards two of Birla Estates' key developments: with around Rs 148 crore in Birla Estates' Manjri project (Pune) having around 3.13 million sq ft saleable area and about Rs 272 crore in Birla Estates' Thane project with 6.43 million sq ft saleable area," it said. The projects will be developed through two Special Purpose Vehicles (SPVs) owned and controlled by Birla Estates. IFC's investment will be made into these SPVs, which will serve as the development platform for both projects. Under the structure, Birla Estates will hold a 56 per cent economic interest, whereas IFC will hold a 44 per cent economic interest in the SPVs. Birla Estates MD & CEO K T Jithendran said the investment from IFC will help the company in its mission to reshape urban living through sustainable and high-quality real estate development. "This investment validates our development philosophy and strengthens our ability to scale responsibly. With IFC's global expertise in sustainable investments and our deep-rooted market insights, we aim to set new benchmarks in Indian real estate," he said. Imad N Fakhoury, Regional Director for South Asia, IFC, said, Housing is a powerful driver of jobs, resilience, economic growth -- and a key priority for IFC. Our partnership with Birla Estates will bridge the gap in India's housing sector by expanding availability of and access to sustainable, high-quality housing for the country's growing population, with a focus on first-time homeowners." Birla Estates said the company continues to expand presence in India's most sought-after real estate markets. In the last quarter of 2024-25, the company launched 5 projects across its key markets of NCR, Bengaluru and forayed into the Pune market recording its biggest quarter sales.
Business Upturn
09-06-2025
- Business
- Business Upturn
Birla Estates secures Rs 420 crore investment from IFC for two projects
By Aman Shukla Published on June 9, 2025, 14:15 IST Birla Estates Private Limited (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate Limited (formerly Century Textiles and Industries Limited), has secured an investment of approximately USD 50 million (INR 420 crores) from the International Finance Corporation (IFC), a member of the World Bank Group. This strategic investment highlights IFC's confidence in Birla Estates' commitment to sustainable and high-quality real estate developments across India. The funds will support two flagship projects — approximately INR 148 crores will go to the Manjri project in Pune, featuring 3.13 million sq. ft. of saleable area, while INR 272 crores will be allocated to the Thane project with a 6.43 million sq. ft. saleable area. Both developments will be executed through two Special Purpose Vehicles (SPVs), with Birla Estates holding a 56% economic interest and IFC holding 44%. This move further solidifies Birla Estates' position in key Indian real estate markets. In Q4 of FY25, the company recorded its strongest sales quarter yet, launching five projects across NCR, Bengaluru, and entering the Pune market for the first time. With this partnership, Birla Estates aims to scale sustainable urban developments and redefine residential and mixed-use spaces in India. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
