The Odisha Government and Indian Railways on 4 November 2015 inked a Memorandum of Understanding (MoU) to form a Special Purpose Vehicle (SPV) for implementation of railway projects in the state.
The MoU aims at forming a Joint Venture Company to develop railway infrastructure in Odisha.
Key highlights of the MoU
• It will work towards providing railway connectivity to Boudh, Kandhamal, Nayagarh, Nabrangpur, Kendrapada, Malkangiri and Deogarh districts.
• Maoist-affected districts will be in the high priority list.
• At least six-seven rail projects will be constructed in the state.
• A 40-km link connecting the Nabarangpur district headquarters to the nearest station at Jeypore in neighbouring Koraput district will also be built.
• The Odisha Government will have 51 percent stake in the project, while the Railways Ministry will have 49 percent stake.
• Initially, 200 crore rupees has been allocated to be spent on the project.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
What: Signed MoU
When: 4 November 2015
DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.