Railway board releases Rs 600 crore for Mumbai Railway Vikas Corporation to fast-track projects

MUMBAI: The railway board has released Rs 600 crore to Mumbai Railway Vikas Corporation (MRVC), which was facing a funds crunch to execute various infrastructure projects after the erstwhile Maha Vikas Aghadi government failed to contribute its share.
MRVC is a 50:50 joint venture between the railway ministry and the state government. From 2020, Mumbai Metropolitan Region Development Authority (MMRDA) had failed to pay its share in the venture.
The railway ministry, which had paid Rs 700 crore in excess of its share to tide over the financial crisis, had refused to further bail it out.