Chandigarh, July 9 (IANS): A memorandum of understanding was signed here on Thursday by the governments of Haryana and Punjab and the Chandigarh administration for the formation of Greater Chandigarh Transport Corporation.

The corporation will aim for the development of an integrated multi-modal urban and suburban commuter system for the region comprising Chandigarh and its surrounding areas in Haryana and Punjab, an official statement said.

The MoU was signed in the presence of Haryana Governor Kaptan Singh Solanki, who is also governor of Punjab and administrator of Chandigarh.

The initial equity of the transport corporation will be Rs.100 crore, to be contributed equally by the union ministry of urban development, Chandigarh administration and the governments of Haryana and Punjab.

The corporation will undertake various studies and projects for the development of public transport service and also get the projects implemented through public-private partnership, it added.