Title - Government to have 10 per cent equity in rail project SPV

The State Government will pick up 10 per cent equity in a special purpose vehicle (SPV) for Angul-Duburi-Sukinda Road Special Railway Project.As per the plans, Rail Vikash Nigam Limited (RVNL) will pick up 45 pc stakes while Jindal Steel and Power Ltd will have 25 pc equity. Bhushan Steel Ltd will pick up 20 pc share.Of the 10 pc with the Government, Idco will get 1 pc whereas Odisha Mining Corporation (OMC) will have the rest 9 pc. While Idco has confirmed its participation in the equity, the OMC has been asked to affirm its share.This broad-gauge line project was conceived several years back and it was in 2009 that the shareholders’ agreement had been signed by RVNL, Jindal and Bhushan. Subsequently, RVNL requested the Government for its approval in the equity. The project cost is estimated at Rs 400 crore.