Work on doubling of tracks on Konkan Railway will start from November 8, a senior official said today.
"All paper works, including financing modalities, have been completed and foundation-laying ceremony would take place on November 8 in Kolad in the presence of Railway Minister Suresh Prabhu," Konkan Railway CMD Bhanu P Tayal told reporters here.
"Doubling of the tracks along with the electrification would start from November 8. The process of awarding the tender would begin soon. LIC has come forward to finance us and offered loan of Rs 250 crore at cheaper rates and other major finance companies have shown their interests to fund the project," he said.
He said "Konkan Railway has got excellent rating of 'AA+' and hence lots of financing companies are likely to come forward to extend the loan. If need be, then we can come up with bonds also."
The project of doubling tracks is estimated to cost the exchequer Rs 10,000 crore while the electrification project will cost around Rs 750 crore.
Konkan Railways has fixed the target of completing this project in next five years.
Tayal hoped that the project will be completed without facing fund shortage or the problem of land acquisition.
"Doubling of the track will help Konkan Railway increase its passenger handling capacity, volume of profitability and also serve the people better," he added.
The CMD further said Konkan Railway in 2014-15 fiscal achieved a net profit of Rs 39.39 crore as against Rs 13.11 crore in corresponding period of previous fiscal.
Konkan Rail runs from Roha in Raigad district adjoining Mumbai to Mangaluru in neighbouring Karnataka.
Considered an engineering marvel, it was constructed by KRCL which also operates it.
The rail network passes over 2,000 bridges and through 91 tunnels built through mountainous terrain.
