New Delhi, Nov 5: Odisha Government on Wednesday signed a memorandum of Understanding with the Indian Railways to for a Special Purpose Vehicle to expedite rail projects in the State.
The Joint Venture will have Rs 200 crore corpus fund.
Odisha Government will have 51 per cent stake in the JV.
In view of the growing demands for railway lines in various states of India and huge requirement of funds to execute them, Railway Minister Suresh Prabhu had announced in his budget speech about setting up of Joint Ventures with states for focused project development, resource mobilization, land acquisition, project implementation and monitoring of critical rail projects.
Speaking on the occasion Prabhu said that such JV companies will provide the necessary impetus for faster growth of railway network in various States.
