Thiruvananthapuram: The Kerala government has decided to go ahead with the 'Silverline', a semi-high-speed rail project connecting Thiruvananthapuram and Kasargode, despite the financial crisis created following the COVID-19 outbreak.
Chief Minister Pinarayi Vijayan has issued directives to present the detailed project report at the cabinet meeting scheduled to be held next week.
The report would be later submitted to the Railway Board for its nod. The project involves a total cost of Rs 63,941 crore, of which Rs 33,700 crore would be obtained through loans. The remaining amount has to be borne by the Central and State governments.
An amount of Rs 13,000 required for land acquisitions and distributing compensations would be sought from KIIFB (Kerala Infrastructure Investment Fund Board). There is also a plan to issue shares to land owners and take over their land.
While Kerala Rail Development Corporation has initiated measures to avail a foreign loan, the chief minister had made it clear that land acquisition would start in 2020 itself.
After the Railway Board Clears the project report, sanction has to be obtained from NITI Aayog, ministerial committee and Union Cabinet.
