CCEA approves rail freight corridor

New Delhi, Feb 22 (UNI) The Cabinet Committee on Economic Affairs (CCEA) today approved setting up of two dedicated railway freight corridors in the next five years to speed up the movement of goods trains.

The railway ministry had sought approval of the CCEA for setting up the Western Freight Corridor at an investment of Rs 16,892 crore.

The minstry had also sought the CCEA nod for setting up the Eastern Freight Corridor at a cost of Rs 11, 849 crore for new electrified double lines.

Japan's JICA submitted feasibility reports to RITES and it would be owned 100 per cent by the Railways who would float a Special Purpose Vehicle (SPV) and lease it to interested parties, Finance Minister P Chidambaram said after the CCEA meeting here.

UNI