BENGALURU: The Registrar of Companies has given its formal written consent for the setting up of a joint venture company to implement the dedicated suburban rail corridor for the city.
“The move was approved on November 26. As per the new shareholding pattern of the Karnataka Rail Infrastructure Development Enterprises (K-RIDE), the state will hold 51% ownership while the Railways will hold 49% share,” a top railway official said.
The Railways has already released its share of Rs 2.45 crore towards funding the JV, he added. This newly reconstituted JV will set up the Special Purpose Vehicle which will build the suburban rail for the city.
A top railway official said it would take nearly ten years for the entire suburban rail network to be instituted, while RITES has suggested a six to seven year period to complete it.