Mumbai’s Railway Network Gets Big Boost as Maharashtra Cabinet Approves Major MRVC Funding Increase
Mumbai: The Maharashtra cabinet has approved a major increase in funding support for the Mumbai Railway Vikas Corporation Limited (MRVC), paving the way for faster expansion and modernisation of Mumbai’s suburban railway network.
The cabinet has approved raising MRVC’s authorised share capital from ₹25 crore to ₹500 crore, along with increasing its paid-up share capital to ₹225 crore. The state government will contribute ₹98 crore towards its share in the enhanced capital.
Established in 1999 as a joint venture between the Ministry of Railways and the Maharashtra government with a 51:49 equity partnership, MRVC plays a key role in developing and upgrading Mumbai’s suburban rail infrastructure under the Mumbai Urban Transport Project (MUTP).
With the number and scale of projects increasing significantly, the additional financial support will strengthen MRVC’s ability to execute major railway infrastructure works. The enhanced capital base will help accelerate projects worth over ₹64,644 crore, including MUTP-III, MUTP-3A and MUTP-3B.
MRVC officials said the funding boost will help improve passenger facilities, increase train capacity, enhance connectivity and provide safer and more efficient travel for millions of commuters across the Mumbai Metropolitan Region.
News source: Information for this article was gathered from a variety of reliable news outlets.
