Press Information Bureau

04.08.2016

Civil

Joint Venture Agreement signed between Ministry of Railways and Government of Chhattisgarh for "Formation of Joint Venture Companies"

MANU/PIBU/0652/2016

A Joint Venture Agreement was signed between Ministry of Railways and State Government of Chhattisgarh for "Formation of Joint Venture Company" in the august presence of Minister of Railways, Shri Suresh Prabhakar Prabhu and Chief Minister of Chhattisgarh Shri Raman Singh. The Agreement was signed in the background of Railway Minister's Budget announcement regarding setting up of Joint Ventures with States for focused project development, resource mobilization, land acquisition, project implementation and monitoring of critical rail projects.

Speaking on the occasion, Union Minister of Railways Shri Suresh Prabhakar Prabhu said that agreement with the Chhattisgarh Govt. will accelerate the economy of the country, as Chhattisgarh is a State with abundant natural resources. He said that proper exploration and supply of coal and other excavation items can boost our economy. He said that to meet the demands of the people, it is better that all State Governments join hands with Railway Ministry and become partner with us. Signing of such Agreements is in line with the Prime Minister's philosophy of cooperative federalism, he added.

In order to expand Railway network in States, Ministry of Railways has taken initiative for formation of JV Companies with States. 17 States have consented for formation of such companies and 8 states have signed MOUs with Ministry of Railways in this regard. Chhattisgarh has become the third state to sign JV Agreement with Ministry of Railways after Odisha and Haryana. The JV Company will have 51% share from Government of Chhattisgarh and 49% from Ministry of Railways and will work in identifying projects which may be taken up in Chhattisgarh. The company will have its HQ at Raipur or Naya Raipur.

Tags : Joint Venture Agreement Projects Railways

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