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Cabinet Approves Setting-up Of GeM SPV

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the following:-

1. Setting up of a Special Purpose Vehicle to be called Government e-Marketplace (GeM SPV) as the National Public Procurement Portal as Section 8 Company registered under the Companies Act, 2013, for providing procurement of goods & services required by Central & State Government organizations. GeM SPV shall provide an end-to-end online Marketplace for Central and State Government Ministries / Departments, Central & State Public Sector Undertakings (CPSUs & SPSUs), Autonomous institutions and Local bodies, for procurement of common use goods & services in a transparent and efficient manner.

2. DGS&D shall be wound up and cease its functions by 31st October, 2017. In case it is not possible to wind up DGS&D by 31st October, 2017, the Department may extend the date of closure with proper justification latest upto 31st March, 2018.

Ref: Cabinet, PIB, Dt. 12-April-2017

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