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Rail Vikas Nigam
New Delhi: July 7, 2003

The Government has provided Rs. 750 crores to the Rail Vikas Nigam Ltd., a newly formed special purpose vehicle under the Ministry of Railways, during the current financial year 2003-2004 to help it execute National Rail Vikas Yojana.

The special purpose vehicle is intended to remove capacity bottlenecks in the critical sections of the railway network at an investment of Rs. 15,000 crores non-budgetary initiative over the next five years. These projects incloude strengthening of the Golden Quadrilateral and its diagonals to enable the Railways to run more long-distance mail, express and freight trains at a higher speed of 100 kilometre per hour at a cost of Rs. 8,000 crores, strengthening of rail connectivity to ports and development of multimodal corridors to hinterland at a cost of Rs. 3,000 crores and construction of four mega bridges-two over the river Ganga, one over the river Brahmaputra and one over the river Kosi at a cost of Rs. 3,500 crores.

Of the Rs. 730 corres, Rs. 95 crores will be incurred on new lines, Rs. 130 crores on gauge conversion, Rs. 420 crores on doubling and Rs. 85 crores on railway electrification.

The Rail Vikas Nigam will commence mobilizing resources by way of equity and debt. A part loan of US dollar 313.6 million has already been approved by the Asian Development Bank to the Nigam. The most important fact of the Nigam is that the debt servicing arising out of resources so mobilized will be met with the incremental revenue generated by the projects under the National Rail Vikas Yojana.

Press Release by: PIB/MYS : RKP :NC
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