Gandhinagar: Gujarat Chief Minister has given approval for formation of Gujarat Rail Infrastructure Development Corporation Ltd.(GRIDE).

The company will have 51% share of Gujarat government while 49% share of Indian Railways.

The company will work on connectivity, missing link etc of various railway projects.

Initial paid up capital of this Joint Venture company will be Rs 100 crore. Depending on project cost, authorized share capital and paid up share capital of this JV will be increased time-to-time after Gujarat government and Railway department’s approval.

Development works will be carried out by JV company for approved projects. The company will also carry out survey procedure, DPR, approval from authorized agency etc tasks.

Once the approval is gained from authorized authority, the land acquisition task will be performed by state government.

JV will coordinate with Railway minister for implementation of zonal railway and railway PSU project through Special Purpose Vehicle(SPV). Specific SPV will be able to ink 30-year pact for railways and projects. Ownership of land will with SPV.

DeshGujarat