Corp’s SPV for running Ro-Ro will be a reality soon

KOCHI: With the resumption of full-fledged Ro-Ro services on Friday after the prolonged delay due to the lockdown, the corporation is planning to fast-track the process to form the proposed special purpose vehicle (SPV) for running the ferry operations. The civic body, which owns the two ferries, aims to take direct control over the functioning of the services which are currently run by the Kerala State Inland Navigation Corporation (KSINC). 

“Our finance committee has gone through the proposal thoroughly and prepared articles of association regarding the functioning of the proposed SPV. The next council meeting will consider the document and chart out the way forward. The final decision will be based on the suggestions of the council,” said Mayor Soumini Jain. 

The document will detail the initial capital required for the SPV, members on the board of directors and other details. Responding to the development, a KSINC official said, “We had recently signed the extension of the operation agreement for two years with the Kochi Corporation. Though there was a talk about handing over the functioning to an SPV, we didn’t know about the 
current development.”