SRINAGAR: The government on Tuesday established a committee to coordinate, plan, and execute the project titled ‘Development of World Class Amusement Park at Tattoo Ground, Srinagar,’ adhering to prescribed norms, rules, laws, guidelines, and the Master Plan.
Led by the Administrative Secretary of the Industries & Commerce Department, the 11-member committee is tasked with proposing a roadmap for the establishment of the structure and nature of a Special Purpose Vehicle (SPV) based on the Request for Proposal (RFP). This process will be carried out in consultation with Ernst & Young LLP, engaged to provide Transaction Advisory and Investment Promotion for the development of a Theme and Amusement Park in J&K.
The committee’s additional responsibilities include studying the Site Assessment Report (SAR), Theme Park Benchmarking Study Report, Investment Promotion Strategy, Project Structuring, Project Procurement, and Project Management Structure, all to be prepared by Ernst & Young LLP.
Furthermore, the committee will study and recommend the draft bid document, oversee the issuance of the RFP, evaluate the RPF for the selection of a concessionaire, and facilitate the signing of the concession agreement.
The panel is mandated to act as a recommending body, presenting proposals for approval by the competent authority throughout the project, as needed. Additionally, it will deliberate and make decisions on any related issues in the successful execution of the project.
In August of last year, the Ministry of Defence signed a Memorandum of Understanding (MoU) with the Ministry of Home Affairs to develop approximately 139.04 acres of land at Tattoo Ground in Batamaloo for tourism and other related activities. (GNS)
