India’s Jawaharlal Nehru Port Trust of the Ministry of Shipping is to sign a memorandum of understanding (MoU) with the country’s Ministry of Railways and the Governments of Maharashtra and Madhya Pradesh to develop the Rs85.75bn ($1bn) Indore – Manmad Railway Line Project.
Construction works of the 362km rail line are scheduled to be completed within a period of six years, with the ultimate aim to reduce the distance from Mumbai/Pune to major central Indian destinations by 171km.
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The line will go through the Delhi-Mumbai Industrial Corridor nodes of Igatpuri, Nashik and Sinnar, Pune and Khed, as well as Dhule and Nardana.
Government of India Ministry of Shipping said in a statement: “The project is estimated to result in cumulative net economic benefits of Rs150bn ($1.9bn) in the first ten years of operations.
“Its logistics advantages include providing a shorter route for passenger, as well as the freight traffic originating from / terminating or crossing through the region.”
The new Indore- Manmad New Railway Line Project will be developed as an alternative route to the current central and western railway lines in India.
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By GlobalDataThe line is also expected to help generate employment opportunities, as well as reduce pollution, fuel consumption and vehicle operating costs.
The development of the project will be carried out by Indian Port Rail, through the joint venture SPV model. The joint venture is made of India’s Minister of State (MoS) or its nominated public sector undertakings (PSUs) or entity, including JNPT, the Government of Madhya Pradesh and Government of Maharashtra or their nominated PSU
JNPT, which holds a 55% equity interest in the SPV, will be the main promoter of the project.
