In May 1997, the Ahmedabad Municipal Corporation launched a Special Purpose Vehicle (SPV) - the Sabarmati Riverfront Development Corporation Limited (SRFDCL) under Section 149(3) of the Indian Companies Act, 1956. The SRFDCL was provided with a seed capital of Rs. 9 crore and entrusted with the responsibility of developing the riverfront on a Build, Maintain, Operate and Transfer (BMOT) basis. The SPV model was used to avoid the delays associated with municipal decision-making. Riverbed land, which was originally held by the Government of Gujarat, was transferred to the AMC. AMC has, in turn, granted development rights to SRFDCL for this reclaimed land.
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