Project Development Agencies

(1) The State Government may set up or designate Government agencies including companies formed under the Companies Act, 1956, as the Project Development Agencies and assign them the powers and functions relating to Project Development of a Special Investment Region including those specified in sub-section (5). (2) The State Government may form or designate a Nodal Company out of the project development agencies and companies mentioned in sub-section (1), to act as the project development agency for projects relating to all the Special Investment Regions in the State. (3) The Nodal Company shall carry out its functions under general or specific directions of the Apex Authority and shall assist the Apex Authority and the State Government in undertaking project related task. (4) The Nodal Company shall act in close co-ordination with Apex Authority and give all support and guidance to the Regional Development Authorities and other agencies, Developers and entities involved in the task of development of projects relating to the Special Investment Regions. (5) The functions of the Nodal Company may include the following, namely:- (i) conceiving and detailing of the Projects; (ii) assessing the techno-commercial and economic feasibility; (iii) financial structuring of projects; (iv) environmental issues and Solutions; (v) implementing the projects or awarding them to other developers or entities; (vi) global marketing of the Special Investment Regions, the Projects in and connected with the Special Investment Regions; (vii) raising finances from the market including financial and multilateral institutions; (viii) promoting and bringing in Private Sector Participation in projects within or connected with the Special Investment Region; (ix) entering into contracts and agreement with other entities for any of the purposes assigned to it; (x) taking or suggesting any other steps for effective implementation, marketing and management of the projects connected with the Special Investment Region. (6) Any entity proposing to undertake the development of infrastructure projects in the Special Investment Region or connected thereto shall make the proposal in that regard to the Apex Authority.