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.
Board of Directors
The Board of Directors comprises of the chairperson of SRFDCL, Municipal Commissioner -AMC, Deputy Commissioner - AMC, an ex-Member of Parliament, Mayor of Ahmedabad, Chairman of Standing Committee - AMC, Collector of Ahmedabad, Leader of Opposition-AMC and the Deputy Municipal Commissioner (Finance).