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Sunday, May 21, 2006

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Proposed SPV to be a `company'

Our Bureau

New Delhi, May 20

The proposed Special Purpose Vehicle (SPV) to plan, construct and maintain the dedicated freight corridor of Indian Railways, would take the form of a company under the Companies Act, 1956, said Mr R. Velu, Minister of State for Railways in a written reply to a question in the Rajya Sabha on Friday. The SPV is proposed to start functioning in 2006-07 and will be under the administrative control of the Ministry of Railways, with the Ministry holding majority share in the SPV, he stated. It is proposed to set up a SPV to plan, construct and maintain the dedicated freight corridors on Eastern and Western Routes. Meanwhile, a task force in Planning Commission has recommended that the SPV would own tracks and other infrastructure, apart from moving the trains within the corridor on its system.

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