PANAJI: The Ministry of Railways has given its in-principle approval for major capacity augmentation of Konkan Railway at an approximate cost of ₹4,980 crore, and the proposal is in the process of sanction.
The Konkan Railway Corporation Limited (KRCL) achieved a net profit of ₹61 crore for 2016-17, and has registered a growth of 69% in the annual turnover over last three years, said a press release issued by KRCL spokesperson L. K. Verma on Sunday, to mark its 27th anniversary.
The Ministry has decided to provide more financial support to Konkan Railway. On December 16 last year, it had approved an increase in the authorised equity share capital from ₹806.47 crore to ₹4,000 crore.
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At their meeting on February 28 this year, shareholders of the corporation unanimously passed a resolution to this effect.
Five-year plan
This will enable the corporation to execute various capital expenditure projects, including the Roha-Veer part doubling, route electrification, doubling of traffic capacity, construction of new crossing stations and additional loop lines. The projects are likely to be completed in a phased manner over five years.
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Work to construct 10 new railway stations on Konkan Railway routes is also in progress.
The KRCL covers four States: Maharashtra, Goa, Karnataka and Kerala, over a stretch of 740 km.
The corporation is also setting up the George Fernandes Institute of Tunnel Technology in Goa and the Ramkrishna Hegde Institute for Skill Development at Udupi in Karnataka.