"We are still looking for State Support Agreement (FSA)," Railway Board Chairman Vinay Mittal told reporters here.
The agreement, under discussion, will set out the responsibilities and liabilities of Railways and the state government vis a vis the project.
He said the Railways have got a good response to Request For Qualification (RFQ), invited recently, with major firms such as GMR Infra, L&T and IL&FS Transportation evincing interest.
The selected bidder will be responsible for designing, engineering, financing, procurement, construction, operation and maintenance of the project under a long-term concession agreement.
The 62.26 km rail corridor between Oval Maidan near Churchgate and the northernmost suburb of Virar will have 26 stations. 42.72 km of the track will elevated, 8.04 km underground while the remaining 12.52 at ground level.
About another proposed corridor, linking Chhatrapati Shivaji Terminus in South Mumbai with Panvel town, Mittal said Mumbai Rail Vikas Corporation has already prepared a project report and submitted to the state government.
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"Once the Maharashtra government examines and approves the report, it will be submitted to the Railway Ministry."
Earlier today, Mittal held a safety review meeting with the senior officials of Western, Central, South Western and Konkan Railways.
Mittal, who also inspected the Mumbai-Surat stretch of the Dedicated Freight Corridor, said the construction work on all 54 bridges will be completed by 2014.