The Cabinet is likely to consider the case of setting up of a company to implement the ambitious Rapid Rail projects in the national capital region (NCR), on Thursday.
The proposal has been pushed by the Union urban development ministry. According to the proposal, the company will have a seed fund of Rs 100 crore.
As reported by TOI earlier all four NCR constituent states – Delhi, Haryana, Uttar Pradesh and Rajasthan – will contribute 50% of this seed money for NCR Transport Corporation (NCRTC) whereas Centre will put the rest. Sources said NCRTC will also reduce burden on Delhi Metro Rail Corporation as it would take care of creating facility for similar type of long-distance rail service across NCR.
Formation of the company on the lines of Delhi Metro is crucial to expedite the project work. Ministry sources said that within two months after the Cabinet decision the company would come into existence with a full time managing director and other officials.