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Deal to set up Bombay rail development board

The much-awaited Memorandum of Understanding for the setting up of the Mumbai (Bombay) Railway Vikas Corporation was signed between the railway ministry and Maharashtra government in Bombay today.

The MoU was signed by Railway Minister Nitish Kumar and Maharashtra Chief Minister Manohar Joshi at a formal function at the Sahyadri guest house in south Bombay. Minister of State for Railways Ram Naik and Maharashtra Deputy Chief Minister Gopinath Munde were present on the occasion, apart from top state government and railway ministry officials.

The corporation being set up will start executing projects of World Bank-sponsored Mumbai Urban Transport Project -- Phase II, meant to improve the suburban transport system.

Initially, the corporation will take up 12 priority projects both on the Central Railway and Western Railway.

The corporation is being set up with with initial capital of Rs 250 million. While the Indian railway will provide 51 per cent of the equity base, the state government will invest 49 per cent of the amount.

UNI

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