Railways will join hands with the Chhattisgarh government for development of rail infrastructure and ensuring faster implementation of rail projects in the state.
An MoU will be signed with Chhattisgarh tomorrow for formation of joint venture companies to ensure faster implementation of rail projects in the state, said a senior Railway Ministry official.
Chhattisgarh is the fifth state to join hands with the Railways for speedy execution of rail projects through JV route.
Seventeen state governments consented for formation of joint venture companies in collaboration with Railways for development of rail infrastructure in their respective states.
The JV companies will have 51 per cent stake of the state government and 49 per cent stake of Railways.
In view of the growing demands for railway lines in various states and huge requirement of funds to execute them, JV companies will be now responsible for identifying projects, land acquisition and possible financing in addition to government funding and also monitoring.
Railways has got the cabinet approval for formation of JV companies with states for implementation of rail projects.
