BHOPAL: Smart City project will be driven not by Bhopal Municipal Corporation, but by a special purpose vehicle (SPV), which will be a public limited company modelled around Delhi Metro Corporation and will be launched under Companies Act. Most importantly, the smart city venture won't be solely government venture, but will allow partial private stake holdings, said Durga Sharan Mishra, additional secretary, ministry of urban development at the Smart City conclave in Bhopal on Friday. The conclave assumes significance as it comes just a week before the Central approval to 100 smart cities in India. But according to the roadmap, it will take 10 years for a smart city to take shape. 

"It's not possible for BMC to convert Bhopal into a smart city. SPVs can move faster. Delhi Metro is a living example of speed and efficiency. It's neither a government PSU nor a state PSU. Both state and Central government will have 50-50 equity," said Mishra. 

To a query on how BMC could be delinked from Special Purpose Vehicles when both would be dealing with infrastructure and other projects, he said, "BMC has the entire city to cater to. SPVs will be incisive and area-specific and deal with specialised aspects of smart city," he said. 

 Smart City in Bhopal will be envisaged on three pillars — Retrofitting, Redevelopment and Green Field Development.