As per GO (Ms) No. 52/2016/Trans dated 05/08/2016 and GO (Ms) No. 57/2016/Trans dated 01.09.2016 a Joint Venture Agreement between Government of Kerala and Ministry of Railways, Government of India for the Infrastructure Development of Railways in Kerala on 51:49 Equity Participation was signed on 1st September 2016 at New Delhi. The joint venture Company would have an initial paid up capital of Rs. 100 Crore based on the quantum of projects to be undertaken.
The Joint Venture Company would undertake Project development works for an identified basket of Projects, which will inter-alia include surveys, preparation of Detailed Project Report (DPR) and getting requisite approvals, processing for sanctioning of identified Projects and implementation of the sanctioned Project. Once the Project is sanctioned, the Land Acquisition will be done by the State Government and Project implementation by the Project Special Purpose Vehicle (SPV) in consultation with Ministry of Railways. The KERALA RAIL DEVELOPMENT CORPORATION LIMITED was incorporated on 03rd January 2017 with Ministry of Corporate Affairs and the Certificate of Incorporation Number (CIN) of the Company is U63030KL2017SGC047699.
Scope of the Company
- Development, Financing and Implementation of Viable railway projects and/or projects which may require viability gap funding that are important for critical connectivity/ capacity enhancement, as agreed by the Parties.
- Undertaking surveys, preparation of Detailed Project Report (DPR) to examine the Viability of the railway projects.
- Processing for sanctioning of the railway projects (identified by the Board or the Parties).
- Incorporation and funding of subsidiaries/special purpose vehicles for undertaking railway projects.
- Undertaking all such actions not specifically mentioned above, that may be required to give effect to the intent of the Parties, as set out in the Agreement.