Odisha signs MoU for SPV to retrieve Coal from Mines

The Odisha Government has signed a MoU to set up a Special Purpose Vehicle (SPV) in the country to retrieve coal from the mines. The MoU was signed by Odisha Transport and Commerce Minister Ramesh Chandra Majhi on behalf of the government at the Rail Bhavan.

Union Railways Minister Suresh Prabhu and Union Coal Minister Piyush Goyal were present during the signing of the MoU. While Odisha government will have 10% equity in the SPV, the Coal Ministry will have 60%, while the Railways will have 26% share.

The SPV will develop rail infrastructure to allow smooth transportation of coal from the mines of Odisha. The new SPV will facilitate speedy evacuation of coal from Talcher and Ib valley coalfields.