Maharashtra Cabinet Raises MRVC Authorised Capital To ₹500 Crore For Railway Infrastructure Expansion
· Free Press Journal
The Maharashtra Cabinet on Tuesday approved a major increase in the authorised share capital of the Mumbai Railway Vikas Corporation Ltd (MRVC), raising it from Rs 25 crore to Rs 500 crore to strengthen the corporation’s working capital and support its expanding infrastructure responsibilities.
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Paid-Up Capital Increased To Rs 225 Crore
The Cabinet also approved an increase in MRVC’s paid-up share capital from Rs 25 crore to Rs 225 crore. As part of the decision, the state government will contribute Rs 98 crore towards its share of the enhanced paid-up capital.
MRVC, a joint venture between the Ministry of Railways and the Maharashtra government, was established in 1999. The Centre holds a 51 per cent stake in the corporation, while the state government owns the remaining 49 per cent.
Corporation Handles Mumbai Rail Infrastructure Projects
The corporation is responsible for implementing several projects aimed at improving Mumbai’s suburban railway infrastructure under the Mumbai Urban Transport Project (MUTP). Its mandate includes expanding the capacity of the suburban rail network, upgrading existing facilities, modernising railway infrastructure and improving passenger amenities.
Mumbai: Convicted Somalian Pirates Seek Transfer To Somalia To Serve Life SentenceAccording to the state government, the scale and number of projects being entrusted to MRVC have increased substantially in recent years, creating a greater requirement for working capital. The Cabinet therefore approved the increase in authorised share capital to enable the corporation to meet its growing financial and operational requirements.
The hike in authorised capital from Rs 25 crore to Rs 500 crore represents a 20-fold increase, while the paid-up capital will rise nine-fold to Rs 225 crore.
The government said the move is intended to provide MRVC with greater financial flexibility as it undertakes major suburban railway infrastructure projects aimed at improving connectivity and easing the pressure on Mumbai’s heavily utilised suburban rail network.
The decision is expected to strengthen MRVC’s capacity to execute projects more efficiently and support the long-term expansion and modernisation of Mumbai’s suburban railway system.
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