Odisha’s rail SPV gets a name: ORIDCO

Bhubaneswar: ‘Odisha Rail Infrastructure Development Company’ (ORIDCO) will be the name of the proposed special purpose vehicle (SPV) that will be floated by the Railway ministry in association with the State government, said sources here today.

With its headquarters located in the State capital, the SPV will work under the Railway ministry. Some banks and industrial houses will also be the stakeholders in it, they added.

According to the sources, the proposed rail PSU will have two directors, one each from the ministry and the State. East Coast Railway’s general manager will be the part-time chairman of the SPV.

Further, the initial paid up capital of the SPV will be Rs 50 crore. There will be a steering committee with its members drawn from different ministries and the State to expedite rail projects in the State, they added.

Notably, Railway minister Suresh Prabhu had, in a letter to all the State governments, had asked to come forward to set up SPVs for jointly developing railway projects in their respective States. Odisha is the first State to respond to the call.