Tattoo ground theme park development | Core committee to oversee setting up of Special Purpose Vehicle

Jammu, May 21:   J&K government has constituted a core committee for overseeing the process of setting up of Special Purpose Vehicle (SPV) for undertaking development of Theme park at Tattoo ground, Srinagar.

The committee, constituted in supersession of government order number 16-JK(GAD) of 2024, dated January 2, 2024, will also monitor the progress of development of the Theme park and coordinate with respect to any issues in relation to the project.

The core panel has been tasked to propose a roadmap for establishment of structure and nature of Special Purpose Vehicle (SPV) based on Request for Proposal (RFP), in consultation with Ernst & Young LLP, which has been engaged for providing transaction advisory, investment promotion for development of theme or amusement park in J&K.

The panel will have Joint Secretary (JKL), Ministry of Home Affairs, Government of India as its chairman while Administrative Secretary, Industries & Commerce Department; Administrative Secretary, Tourism Department; Divisional Commissioner, Kashmir and Managing Director, JKTDC will be its members.

The committee may also co-opt any other member as deemed fit.

As per its terms of reference, it will study and recommend upon the specified deliverables in terms of the Request for Proposal (RFP). These specified deliverables will include Site Assessment Report (SAR) including relevant surrounding infrastructure or assets report; structure of SPV along with its Memorandum of Association (MoA) and Articles of Association (AoA); visit to two national or international theme parks; theme park benchmarking against international or national theme parks and investment promotion strategy; final project structure report; draft bid documents; Request for Proposal (RFP) for the selection of Concessionaire; evaluation of the RFP for selection of Concessionaire and signing of Concession agreement.

Another significant mandate of the committee will be its stature as a recommending body to place the proposals for accord of sanction of the respective competent authority, throughout the project, as and when required.

It will approve and recommend the release of payment, in favour of Ernst & Young LLP, to Industries and Commerce Department after verifying the progress of the work done or deliverables achieved by the consultancy in light of the Request for Proposal (RFP).

Besides, it will deliberate and take a decision on any concomitant issue in the context of the successful execution of the project.