India, June 17 -- In a first, the Delhi Government will implement an EMI-based payment model for a major streetlight modernisation project, PWD Minister Parvesh Sahib Singh said on Tuesday.

The city Government's push to convert around 93,000 streetlights on main roads will cut its electricity consumption and save around Rs 300 crore in five years.

"For the first time, we will be giving a project, which will have the EMI model of payments, monthly, based on the performance report of the streetlights. This is being done specifically to ensure proper functioning and management of new smart streetlights," Singh said.

The project, estimated to cost around Rs 473.24 crore, will be implemented in phases on roads maintained by the PWD.

"Under...