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New Delhi, May 20

The proposed Special Purpose Vehicle (SPV) to plan, construct and maintain the dedicated freight corridor of Indian Railways, would take the form of a company under the Companies Act, 1956, said Mr R. Velu, Minister of State for Railways in a written reply to a question in the Rajya Sabha on Friday. The SPV is proposed to start functioning in 2006-07 and will be under the administrative control of the Ministry of Railways, with the Ministry holding majority share in the SPV, he stated. It is proposed to set up a SPV to plan, construct and maintain the dedicated freight corridors on Eastern and Western Routes. Meanwhile, a task force in Planning Commission has recommended that the SPV would own tracks and other infrastructure, apart from moving the trains within the corridor on its system.

(This article was published in the Business Line print edition dated May 21, 2006)
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