Goa Approves ‘Namo Tarang’ SPV to Fast-Track State’s Water Metro Project
The Goa Cabinet has approved the formation of ‘Namo Tarang’, a dedicated Special Purpose Vehicle (SPV) to oversee the planning, financing, implementation, operation and maintenance of the state’s proposed water metro network.
The Goa Cabinet has approved the formation of ‘Namo Tarang’, a dedicated Special Purpose Vehicle (SPV) to oversee the planning, financing, implementation, operation and maintenance of the state’s proposed water metro network.
Panaji: Goa has taken a significant step towards developing its proposed water metro network, with the state Cabinet approving the creation of a dedicated Special Purpose Vehicle (SPV) named ‘Namo Tarang’.
Chief Minister Pramod Sawant announced the decision after a Cabinet meeting on Friday, saying the new entity will provide a dedicated institutional framework for taking the water metro project forward.
The River Navigation Department has been designated as the nodal agency responsible for setting up and incorporating the SPV. The department will work with the Finance Department and Law Department to complete the required documentation, including the memorandum and articles of association.
The government will also finalise the organisational structure, staffing requirements and governance framework for Namo Tarang before the SPV becomes fully operational.
Once established, Namo Tarang is expected to coordinate with relevant Central Government agencies, explore and secure financial assistance, and oversee the implementation of the water metro project.
The SPV will eventually take responsibility for the operation and maintenance of the water metro network, creating a dedicated mechanism for managing the system after its implementation.
The move is aimed at giving Goa’s water metro project a more structured institutional framework and helping accelerate work related to its financing, execution and long-term operations.