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The Maharashtra Cabinet has approved a major increase in the authorised and paid-up share capital of Mumbai Railway Vikas Corporation Ltd (MRVC) to strengthen the public sector undertaking's financial capacity as it takes up larger suburban railway infrastructure projects. The state also approved its contribution towards the increased capital. Alongside this decision, the Cabinet cleared stricter penalties for illegal mining through amendments to the Maharashtra Land Revenue Code and approved the creation of a dedicated Managing Director's post for the state's Artificial Intelligence and Agritech Innovation Centre under the MahaAgri-AI Policy.
The Maharashtra government has approved a substantial increase in the authorised share capital of Mumbai Railway Vikas Corporation Ltd (MRVC), raising it from INR 25 crore to INR 500 crore to strengthen the public sector undertaking's working capital as it undertakes a growing number of railway infrastructure projects across the Mumbai Metropolitan Region.
The Cabinet has also cleared an increase in the company's paid-up share capital from INR 25 crore to INR 225 crore. As part of this, the Maharashtra government will contribute INR 98 crore towards its share of the enhanced paid-up capital.
MRVC was established in 1999 as a joint venture between the Ministry of Railways and the Government of Maharashtra, with equity held in a 51:49 ratio, respectively. The corporation is responsible for planning and implementing suburban railway infrastructure projects under the Mumbai Urban Transport Project (MUTP). Its work includes expanding rail network capacity, developing new suburban rail infrastructure, modernising railway facilities and improving commuter amenities across Mumbai's suburban railway system.
According to an official government release, the increase in authorised share capital has been approved because the scale and value of projects being assigned to MRVC have grown considerably in recent years. The enhanced capital base is expected to improve the corporation's financial strength and enable it to manage larger infrastructure projects more efficiently.
MRVC has been executing several phases of the Mumbai Urban Transport Project over the past two decades. The organisation has played a key role in projects such as additional railway lines, station improvements, signalling upgrades and the introduction of new suburban rail corridors aimed at reducing congestion and improving connectivity in the Mumbai Metropolitan Region.
In another key decision, the Cabinet approved amendments to Section 48(7) of the Maharashtra Land Revenue Code, 1966, to strengthen action against the illegal extraction and transportation of minor minerals.
Under the revised provisions, individuals involved in illegal mining or transportation of minor minerals will now face a penalty equivalent to ten times the applicable royalty, replacing the existing framework with a much stricter penal provision. The government believes the enhanced penalty will act as a stronger deterrent against illegal mining activities while also helping improve state revenue collections.
As the state legislature is currently not in session, the Cabinet has approved the promulgation of an ordinance to enable the immediate implementation of the amended provisions.
The Cabinet also approved the creation of a dedicated Managing Director (MD) post for the state's Artificial Intelligence and Agritech Innovation Centre, in line with the Maharashtra government's MahaAgri-AI Policy.
The state had earlier approved the MahaAgri-AI Policy and earmarked INR 500 crore for its implementation. The policy aims to accelerate the adoption of artificial intelligence and advanced technologies in agriculture through a state-level innovation centre.
At present, the additional charge of the Managing Director's post is being handled by a Deputy Secretary in the Agriculture Department. Following the Cabinet's decision, the position will be filled on deputation by an officer of the rank of Joint Secretary, Deputy Secretary or an equivalent-level official in the state administration.
Source PTI
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