The company will take efforts to raise money from multilateral agencies such as World Bank, Japanese bank and other financial institutions. The projects will be planned on the basis of the comprehensive mobility plan being prepared by Infrastructure Leasing & Financial Services Limited. The mobility plan is being prepared keeping in mind the possible growth of city in 25 years will be ready by March-end.

“The PMC plans to speed-up the traffic situation in the city through SPV and made provision of Rs 75 crore in the budget as seed money for the new company,” Municipal Commissioner Praveensinh Pardeshi said.

There will be representation of officer-bearers and officers from PMC, financial institutes (FIs) and private organisations as board of directors of the new company. The technicalities for the new body will be finalised after the PMC registers the new company, he said. Pardeshi said the company may also take up execution of projects for which the PMC has already prepared technical report.

Meanwhile, the PMC has proposed Rs 250 crore for the road development of 133 km in 2008-09. The PMC will construct 16 flyovers, three subways, five parking space, 34-km-long High Capacity Mass Transit Route (HCMTR) and riverside road in the coming year.

The new flyovers will be at Bund Garden, Engineering College, Juna Bazaar, Nul Stop, Shimla Office, Khadki, Handewadi, Senapati Bapat Road and Magarpatta.

The 133-km road development work being carried out under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) will include development of footpath and cycle tracks, Pardeshi said. The PMC has provided Rs 2.4 crore in the budget for continuing its initiative to help senior citizens cross the busy city roads by installing special facility at traffic signals.

The PMC also proposes to develop the road along Mutha river - from Vithalwadi to westerly bypass (Mumbai-Bangalore road). The PMC will also undertake a technical study of old bridges in the city and carry out its repair and beautification work.