Mumbai Railway Vikas Corporation (MRVC) was incorporated on July 12, 1999, to implement the Railway work of Mumbai Urban Transport Project.
To enable the Mumbai Suburban Railway to meet the demands of the ever-growing passenger traffic, the federal Government of India's Ministry of Railways and the state Government of Maharashtra has jointly envisioned the constitution of a separate corporate entity to operate the system.
The Mumbai Railway Vikas Corporation Ltd (MRVC Ltd), a public sector unit of the Government of India under the Ministry of Railways, was incorporated under the (Indian) Companies Act, 1956 on July 12, 1999, with an equity capital of Rs 25 crores to implement the rail component of an integrated rail-cum-road urban transport project, called Mumbai Urban Transport Project (MUTP).
The cost of the rail component of the project is to be shared equally by Ministry of Railways and Government of Maharashtra.
The requirement of funds for the total project including resettlement and rehabilitation will be provided as follows:
• Budgetary support from Government of Maharashtra and Indian Railways.
• Revenue from commercial development of Railway land airspace.
• Borrowings to be decided with mutual consent of Government of Maharashtra and Indian Railways.
• Surcharge to be levied on commuters from a date to be mutually agreed upon between Government of Maharashtra and Indian Railways.
Objectives
• Integrate suburban rail capacity enhancement plans with urban development plan for Mumbai and propose investments.
• Implement the rail infrastructure projects in Mumbai suburban sections.
• Commercially develop Railway land and airspace in Mumbai area to raise funds for suburban railway development.
• Resettlement & Rehabilitation of Project Affected Households.
To enable the Mumbai Suburban Railway to meet the demands of the ever-growing passenger traffic, the federal Government of India's Ministry of Railways and the state Government of Maharashtra has jointly envisioned the constitution of a separate corporate entity to operate the system.
The Mumbai Railway Vikas Corporation Ltd (MRVC Ltd), a public sector unit of the Government of India under the Ministry of Railways, was incorporated under the (Indian) Companies Act, 1956 on July 12, 1999, with an equity capital of Rs 25 crores to implement the rail component of an integrated rail-cum-road urban transport project, called Mumbai Urban Transport Project (MUTP).
The cost of the rail component of the project is to be shared equally by Ministry of Railways and Government of Maharashtra.
The requirement of funds for the total project including resettlement and rehabilitation will be provided as follows:
• Budgetary support from Government of Maharashtra and Indian Railways.
• Revenue from commercial development of Railway land airspace.
• Borrowings to be decided with mutual consent of Government of Maharashtra and Indian Railways.
• Surcharge to be levied on commuters from a date to be mutually agreed upon between Government of Maharashtra and Indian Railways.
Objectives
• Integrate suburban rail capacity enhancement plans with urban development plan for Mumbai and propose investments.
• Implement the rail infrastructure projects in Mumbai suburban sections.
• Commercially develop Railway land and airspace in Mumbai area to raise funds for suburban railway development.
• Resettlement & Rehabilitation of Project Affected Households.