Panaji: The state cabinet on Friday approved the formation of a special purpose vehicle (SPV) under the Companies Act, 2013, to implement, finance, operate and maintain the ‘Namo Tarang – Goa water metro’.Kochi Metro Rail Limited (KMRL), appointed to prepare the detailed project report (DPR), has completed nearly half the work and is expected to submit the report by Oct.Govt also approved designating the river navigation department (RND) as the nodal agency for incorporating and setting up the SPV. RND, in consultation with the finance and law departments, will finalise the memorandum and articles of association, as well as staffing and governance arrangements.Chief minister Pramod Sawant has asked the Union minister for ports, shipping and waterways to fund the project in full. The Union ministry has, in principle, agreed to consider it as a centrally funded project, but no written confirmation has been received.Following KMRL’s appointment, the state requested Union govt to allot Rs 10 crore towards payment for DPR preparation.The SPV is required to coordinate with Centre and its agencies, secure financial assistance, and execute the project. The SPV will also be responsible for operations and maintenance once the system becomes operational.
