The railway ministry and the Odisha government have signed an agreement to form a Special Purpose Vehicle (SPV) to implement railway projects in the state.
"It is a welcome step and will go a long way in infrastructure development in the state of Odisha. Such joint venture companies will provide the necessary impetus for faster growth of railway network in various States including Odisha," said Railway Minister Suresh Prabhu on Wednesday in a statement.
The agreement is a manifestation of Prabhu's budget speech announcement which aimed to address the growing demands for railway lines in various states and huge requirement of funds needed to execute them, the statement said.
Prabhu called for joint ventures with states for focused project development, resource mobilisation, land acquisition, project implementation and monitoring of critical rail projects in his budget speech.