24X7 water: PMC chief seeks power to invest money raised via bonds

ST Correspondent
Sunday, 20 August 2017

However, it will be interesting to see whether the BJP, which is already facing criticism from all quarters over delay in execution of the project, gives a free hand to Kumar.

PUNE: Municipal Commissioner Kunal Kumar has asked the Standing Committee to grant him the power to decide about investment of Rs 200 crore, raised through municipal bonds for executing the 24X7 water supply project, in fixed deposits and liquidate them whenever required.

However, it will be interesting to see whether the BJP, which is already facing criticism from all quarters over delay in execution of the project, gives a free hand to Kumar. After failing to execute the ambitious project in time due to scrapping of the tender process over inflated cost quoted by private agencies, the civic administration decided to invest Rs 200 crore in fixed deposits to avoid paying interest.

However, the civic chief, who was engaged in a tussle with the BJP over pushing the proposal, submitted a proposal seeking the Standing Committee’s approval for granting him the power to decide about investing the fund. The committee will discuss the proposal during its weekly meeting on Tuesday.

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