New Delhi, July 17 (ANI): The Union Cabinet today gave its approval for the extension of the period of the validity of the Mumbai Railway Vikas Corporation Ltd. (MRVC) by another five years, that is up to July 11, 2019, to match the completion of the Mumbai Urban Transport Project (MUTP) Phase II and facilitate integration of the suburban rail capacity enhancement plans with the urban development plan.
A large number of people residing in and around the MUTP Phase II will be benefited by the extension.
The extension of the validity period will not entail any additional financial burden.
The MRVC is a Public Sector Undertaking (PSU) under the Ministry of Railways, in a partnership with the Government of Maharashtra with the equity of the company shared in the ratio of 51:49.
The MRVC was incorporated on July 12, 1999 and primarily carries out capacity augmentation works for the sub-urban railway system in the Greater Mumbai area.
For this purpose, two projects:- MUTP-I and MUTP-II costing Rs. 4,174 crore and Rs. 5,300 crore respectively, were sanctioned and assigned to MRVC. The cost of the projects will be shared equally between the Government of Maharashtra and the Ministry of Railways. MUTP-I works are already completed.
MUTP II works are in progress and are targeted to be completed by 2016-17. (ANI)