An ambitious 337 km Indore-Manmad rail line has achieved a major breakthrough in regard to its financing with Union Shipping and Transport Ministry which has agreed to provide Rs. 5,000-cr financing for the mega project. The funds in question will be made available on behalf of two stakeholders – MP and Maharashtra. The breakthrough on this score came shortly after a meeting of three union ministers – Railway Minister, Suresh Prabhu, Union shipping and Transport Minister, Nitin Gadkari, and Union minister of state for Defence Production, Dr. Subhash Bhamre, in New Delhi recently. In addition, the Transport Minister promised that his ministry would provide Rs. 5000cr, half amount of the total project of Rs. 10,000cr, to the railway. As per previous terms and conditions, 50% cost of the project would have to be borne by MP and Maharashtra, said official sources.
📅Published on:
17 October 2016
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