Haryana, railways to join hands to improve rail network in state

In a bid to strengthen the rail network in Haryana, the state government has decided to enter into a partnership with the Indian Railways to form a special purpose vehicle (SPV) for raising funds.

In a bid to strengthen the rail network in Haryana, the state government has decided to enter into a partnership with the Indian Railways to form a special purpose vehicle (SPV) for raising funds.

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Stating that an MoU (memorandum of understanding) in this regard would soon be signed between both the stake holders, an official release said that the rail projects which would be taken up for speedy implementation include the following railway lines: Karnal-Yamunanagar; Fatehabad-Mansa-Bhatinda; Jakhal-Ratia-Fatehabad; Bhiwani-Loharu-Pilani-Churu; Rewari-Palwal via Bhiwari; Yamunanagar-Chandigarh; Delhi-Sohna-Nuh-Ferozpur-Jhirka-Alwar and Hisar-Sirsa via Agroha Fatehabad.

The SPV means that both parties would establish a company with limited liability. The name of the proposed joint venture company would be 'rail infrastructure development company (Haryana) limited' and may be called 'H-RIDE'.

The main objectives of H-RIDE would be to expedite project development and implementation by resorting to resource mobilisation, securing traffic guarantees and involvement of strategic partners in project funding and implementation.

As per the MoU, the ministry of railways would complete the construction of projects in a time-bound manner according to a timetable mutually fixed by both the parties. Also, it would supplement the resources raised by H-RIDE, to a maximum extent of 2 % of the balance project cost, subject to allocation made in railway budget.