NOIDA, June 4 -- The Gautam Budh Nagar's three industrial bodies -- Noida, Greater Noida, and the Yamuna Expressway Industrial Development Authority -- have initiated the process to set up a special purpose vehicle (SPV) (a new company) for operating the city bus service in the district. "We have initiated the process to form SPV that will be tasked with running the bus service in the district. Since Noida's stake is higher, we are completing the process of formation of the SPV," said Noida's chief executive officer (CEO) Lokesh M on Tuesday. 500 electric city buses will soon be operational across Noida, Greater Noida, and the Yamuna Expressway region. These buses will run on 25 routes across the district, including offering services to the Noida International Airport. Of the total, 300 buses will operate in Noida, 100 in Greater Noida, and 100 in the Yeida area, officials said. To manage operations, the SPV will be formed by all three authorities, with the Noida authority leading the initiative. "We will engage a consultant who will be appointed to assist in the formation of the SPV. This consultant will advise on the composition of the company's board of directors. The SPV will oversee the smooth operation of buses across the three authority regions," the CEO added. The selected firm will operate the buses under a 12-year Gross Cost Contract (GCC) model. Under this, operators will be paid a fixed cost per kilometre. The buses will run at about 10 to 15-minute intervals on 25 routes, from 6.30am to 11pm daily. The operation will include 15 routes in Noida, seven routes in Greater Noida and three routes in the Yamuna area, officials said. The equity contribution for the SPV is proposed to be 48% from Noida, and 26% each from Greater Noida, and Yeida, although these percentages may be adjusted. A recent meeting in Lucknow discussed the SPV structure and other key aspects of the city bus project. The bus fleet will include 250 standard-floor 12-metre e-buses and 250 standard-floor 9-metre e-buses. Each bus is expected to run 72,000 kilometres annually. The total project is valued at Rs.675 crore, said officials. Initially, buses will be operated from terminals located in Sector 82 and Sector 91. All buses used will be either 12 metres or 9 metres in length, officials added....