Kerala Finance Minister Thomas Isaac Saturday said the proposed Rs.50,000 crore rapid rail corridor project in the state could become a reality in six years.
Mr. Isaac told reporters that Delhi Metro Rail Corporation (DMRC) has been asked to prepare the preliminary report for which Rs.50 crore has been set aside in the state budget.
The proposed project would extend from the northern tip of the state to the southern point and the 600-km distance can be covered in six hours, he said.
“This proposed project is likely to come up with the help of the Indian Railways. This corridor can either pass by the side of the existing railway track. Through this land required can be minimised,” said Mr. Isaac.
He said a separate company, in which the government will have a stake, would be set up.
“It could be on the lines of the Konkan Railway Corporation," he said.
With regards to the funds, Isaac said state Industries Minister Elamaram Kareem has already come up with a proposal where a monetary institution is ready to fund the project.
“It has now proved beyond doubt that state government companies cannot execute such projects due to various reasons and hence it would be handed to independent corporations who will execute it in a time bound manner,” Mr. Isaac added.