When dna posed a query to chief minister Devendra Fadnavis on "whether Maharashtra would take equal equity as Gujarat in Special Purpose Vehicle or will Maharashtra insist on equity as per route length falling in respective state's territory", the CM replied via text the he will ask the expert committee to look into it.
Even as the railways has gone ahead and registered a Special Purpose Vehicle (SPV) to build the Mumbai-Ahmedabad High Speed (bullet) train system with equal participation from Maharashtra and Gujarat, the Maharashtra government is not averse to having an expert committee check if the equity participation of the two states can be according to the route length of the project in each state respectively. The dominant part of the project's 508 km length is in Gujarat and so are the tentative location of stations.
When dna posed a query to chief minister Devendra Fadnavis on "whether Maharashtra would take equal equity as Gujarat in Special Purpose Vehicle or will Maharashtra insist on equity as per route length falling in respective state's territory", the CM replied via text the he will ask the expert committee to look into it.
A further query on the railways already having registered the Special Purpose Vehicle (SPV) for the High Speed Rail project with equal participation of 25 per cent each from Gujarat and Maharashtra did not elicit any response from Fadnavis.
This "equity as per track jurisdiction" is a formula which has already been used successfully on Konkan Railway where Maharashtra is the biggest equity participant after the railways itself. As per the accounts books of Konkan Railway, out of the total equity of Rs806 crore, railways owns 41 per cent at Rs411 crore, Maharshtra hold 22 per cent of the equity at Rs178 crore, Karnataka 15 per cent at Rs121 crore, while Goa and Kerala hold 6 per cent at Rs48 crore apiece.
While Kerala has no part of KR track running through the state, the fact the line was reducing the state's all-important Mumbai-Ernakulam route from 1,849 km to 1,336km — a reduction of 513 km or about 28 percent — made Kerala a willing participant.
The railways recently registered the National High Speed Rail Corporation Limited, a special purpose vehicle, to build the Rs97,636 crore, 508km line between Mumbai and Ahmedabad. While Rs79,085 crore of this cost is a loan from the Japanese Industrial Cooperation agency, the rest Rs18,551 crore is equity to be be pooled in by railways, Maharashtra and Gujarat in the ratio of 2:1:1, said officials in the know of things.
The railway ministry appointed Girish Pillai, additional member, Railway Board, PV Vaidialingam, adviser (commercial and accounting reforms), Railway Board and Mukul Saran Mathur, executive director, PPP, Railway Board as the first three directors of the SPV.
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