The State Government has agreed to the proposal of the Centre to form a special purpose vehicle (SPV) for timely completion of railway projects in the State, said Commerce and Transport Department official sources here on Friday.The State had informed the Centre in this regard on January 8. In a letter to the Railways Board Chairman, Chief Secretary GC Pati has welcomed the SPV proposal.
According to the proposal, the State and the Centre would run a joint venture project and acquire shares of 51 per cent and 49 per cent, respectively. The SPV would conduct technical and feasibility surveys in backward regions, and industrial, mines and port areas of the State. Port, business houses, infrastructure companies would take part in the JVs.SPV could acquire land in advance for its projects. It could start work with interested companies. After completion of the work, the railways would take over the project.
If the SPV idea goes well, the projects like Khurda-Balangir, Haridaspur-Paradip, Angul-Duburi-Sukinda, Talcher-Bimlagarh and Jaleswar-Digha railway line projects, Jeypore-Nabarangpur and Jeypore-Malkangiri, which will cover Malkangiri, Koraput and Nabarangpur districts, would be completed within stipulated time limit, sources said.