The Maharashtra Railway Infrastructure Development Company Limited (MRIDC) will have a mandate of working on railway projects
The state government on Tuesday passed a government resolution declaring the formation of the Maharashtra Railway Infrastructure Development Company Limited (MRIDC) as a joint partnership between the state government and the railway ministry.
The MRIDC will have a mandate of working on railway projects in the state though projects in Mumbai- most of them under the Mumbai Urban Transport Project (MUTP)- will be out of the purview of the newly-formed firm. According to officials, the MRIDC will be a key move considering that Maharashtra has got Rs 4767 crores for rail projects this year, a 206 percent increase from the average of Rs 1171.4 crores received by the state between 2009-14.
According to railway officials, the SPV or JV will streamline the construction of rail infrastructure in the state as a dedicated team would work to carry out various legal processes to kickstart a project. "It would be like the Mumbai Rail Vikas Corporation (MRVC), a SPV between the state and the railways, that has been overseeing Mumbai's rail projects and has been acting as bridge between the state, the railway ministry, Western and Central railways and the World Bank. It has increased the pace of work since the early 2000s," explained an official.
Earlier, in a statement released on November 30 this year, the railway ministry had said five state governments- Chhattisgarh, Haryana, Gujarat, Kerala and Odisha- had formed joint venture firms with the railways. A total of 16 states have decided to share costs in 43 projects, the total cost of the projects at current prices being Rs 62,379 crores.
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