NEW DELHI: The Railway Ministry will float a special purpose vehicle (SPV) to manage the entire electrification work of railways network and arrange funding for it, an official said.
ABOUT THE NEW SPECIAL PURPOSE VEHICLE (SPV)
Objective : To look after the whole electrification project of the Railways.
“As far as funding for electrification is concerned, we are looking at funding through an SPV and getting that SPV to run the entire electrification of Railways,” a top official in the Railways Ministry said.
“The ministry is still working to float this SPV,” the official said.
Railway Minister Sh. Piyush Goyal had said earlier in September that the ministry is exploring ways to speed up the electrification process so as to cut down about Rs 16,000 crore expense on diesel.
“We are giving a relook to the ways of speeding up the electrification process” of rail lines across the country. The ministry is consulting all the people who are involved in the electrification process,” Goyal had said.