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News Entry# 287338
  
Dec 01 2016 (14:41)  C’garh signs JV pact to develop Rly projects (www.dailypioneer.com)
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News Entry# 287338     
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Posted by: Jayashree ❖ Amita*^  35181 news posts
Chhattisgarh is among five State Governments, namely Gujarat, Haryana, Kerala and Odisha which has signed joint venture agreement with Indian Railways to create State-specific joint venture companies to undertake project development tasks, officials informed.
The move also includes resource mobilization and monitoring of mutually identified rail infrastructure projects with equity participation of Union Ministry of Railways limited to maximum 50%.
The State Governments of Andhra Pradesh and Maharashtra have also agreed to form joint venture companies. The Joint Venture Company can form Project Specific Subsidiary Company (Project SPV) which may have equity holding
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by other stakeholders like Banks, PSUs, Ports, Mining Companies etc. for its implementation.
Indian Railways has taken steps to mobilize resources over and above the available Budgetary resources to fast track execution of projects.
The Union Ministry of Railways has arranged extra budgetary resources from Financial Institutions including Life Insurance Corporation of India for which Ministry of Railways has signed an MoU with LIC for a loan of 1,50,000 crore to be received over a period of five years, for funding capacity enhancement projects.
In addition, Ministry of Railways has approached State Governments to either share the cost of the projects or take up the projects through joint venture to be formed with the respective State Government. The extent of implementation of projects depends upon the response of the State Government. So far, 16 States have come forward to share cost of 43 projects. The total cost of these 43 projects is 62,379 crore. State Governments are sharing 25% to 66% cost of the project. In addition, some of the State Governments are also giving land free.
Budgetary Resources like institutional finance sourced by Indian Railway Finance Corporation (IRFC) from Life Insurance Corporation of India, investment by strategic / private investors under Public - Private Partnership policy, equity participation by State Governments and Public Sector entities in joint ventures with Railways and funding from multilateral lending agencies like the World Bank.
Due to a large shelf of ongoing projects with limited overall availability of funds, there had been delay in completion of projects. Clearances from different land owning agencies, lengthy process of acquisition of land and shifting of services/ utilities also take some time.
Ministry of Railways has been authorized to form Joint Venture companies to undertake project development, resource mobilization and monitoring of mutually identified rail infrastructure projects on cost sharing basis. The Joint Venture company can form project specific subsidiaries or Special Purpose Vehicles (Project SPVs) which may have equity participation by other stakeholders like Banks, Public Sector Undertakings, Ports, Mining Companies etc. for project implementation.
The Union Ministry of Railways will soon commence the process for construction of station buildings, platforms and other infrastructure for Jagdalpur-Kirandul double track project in insurgency-infested Bastar region  of Chhattisgarh.
 The project for doubling of Railway line between Jagdalpur and Kirandul in Bastar region is expected to be complete by January 2019, official sources informed.
 Notably, NMDC Ltd -- the country's largest iron ore producer and exporter had signed a Memorandum of Understanding with the Union Ministry of Railways on December 21, 2012 and the aforesaid project would be helpful in significantly augmenting evacuation capacity of NMDC’s Bailadila Sector mines by rail from the existing 28 MTPA to 40 MTPA of iron ore.
 The company had deposited an amount of Rs 150 crores with East Coast Railway and the expenditure incurred as on March 31, 2015 was Rs 132.00 crore, sources informed.
 For execution of the project, the Railways has divided the 150 km length of doubling work into three Sections namely, Jagdalpur to Silakjori 45.50 km, Kirandul to Gidam 52.23 km and Silakjori to Gidam 52.73 km.
 Notably, NMDC is also developing full-fledged Railway transportation infrastructure at its upcoming 3 MTPA integrated steel plant at Nagarnar in Bastar district.
 It has commenced the process of constructing a Railway Station ,  Traction sub-station and other necessary infrastructure at the private railway siding coming up at the site of 3 MTPA integrated steel plant at Nagarnar in Bastar district, official sources informed.
 The company is also  setting up a massive  ‘Steel Loading Platform’ at the site of upcoming 3.0 MTPA Integrated Steel Plant, officials informed.
 Notably, the Union Steel and Mines Ministry has plans of doubling installed capacity of NMDC Ltd’s upcoming 3 MTPA integrated steel plant coming up at Nagarnar in Bastar region in due course once the plant is commissioned.
  The company is expecting commercial production of its 3 MTPA capacity steel plant in  Chhattisgarh to commence by the middle of 2017. The plant is expected to be ready by December 2016 and trial of same will start by December 2016 itself, officials stated.
 In order to increase the domestic capacity of steel production, a concept of Special Purpose Vehicle (SPV) has been introduced, officials stated.
 Two MoUs have already been signed by the states of Chhattisgarh and Jharkhand for setting up Greenfield steel plants with initial capacity of 3 million tonnes per annum (MTPA) each to be later enhanced to 6 MTPA. More than Rs  70,000 crore will be invested for setting up of these steel plants.
 NMDC has also planned to generate about 70 MW of captive power using gases from steel making processes in the upcoming 3 MTPA Nagarnar steel plant. The power would be generated from gases released from blast furnace, coke oven and 'LD gases'.
 The total power requirement of the steel plant would be around 420 MW in which the mines, pellet plant and the slurry pumping system would require around 120 MW of power, officials stated.
 The remaining 350 MW power would be conventional in nature which would be fulfilled by the captive power plant and the Chhattisgarh State Power Distribution Company Ltd (CSPDCL).  
NMDC is also planning to construct  a 'rapid iron ore loading system' with a capacity of 14 million tonnes per annum (MTPA) at its Kirandul complex in Bastar region, officials informed.
 The project also comprises construction of  a ‘Merry Go Round’ (MGR) railway track.
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