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K-RIDE

K-RIDE. In September 2000, the Government of Karnataka ( GoK ) and Ministry of Railways ( MoR ) signed an MoU to set up a Joint Venture Company called “ Rail Infrastructure Development Company ( Karnataka) Limited – K-RIDE”.

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K-RIDE

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  1. K-RIDE In September 2000, the Government of Karnataka (GoK) and Ministry of Railways (MoR) signed an MoU to set up a Joint Venture Company called “ Rail Infrastructure Development Company ( Karnataka) Limited – K-RIDE”. Objective : To expedite development and implementation of 4 identified Railway Projects in Karnataka viz: Hubli – Ankola New Line 2) Hospet – Guntakal Doubling 3) Sholapur – Gadag Gauge Conversion 4) Hassan – Mangalore Gauge Conversion Nov’ 20, 2000 : Registered as a Public Limited Company under Companies Act,1956. Oct’ 22, 2001 : Government Order issued vide IDD Letter No. 10 NSW 2001. This SPV with financial participation by the MoR, GoK, FIs/Banks, etc. was set up to meet the objective of funding certain identified projects in Karnataka, particularly those with potential for attracting private investment. Nov’2002 : Shareholders’ Agreement Signed.

  2. Board of Directors

  3. Functional characteristics As per MOU, K-RIDE was to fund all the projects under its own name, mobilize equity from strategic investors and debt funds from financial institutions As per Government Order role of K-RIDE was changed from an implementing agency of the projects to that of a project Development Company. Each project to be developed separately as an independent SPV. Each project SPV would mobilize finances by a mix of equity/subordinate debt contributions from K-RIDE and strategic partners/ investors and debt from banks, financial institutions and the capital market. MoR and GoK might also participate directly in the equity. SPVs would enter into contractual agreements with MoR for construction, operations and maintenance. MoR and GoK might decide to give construction or maintenance or operations to another agency or to the SPV itself if it would result in improved performance or substantial savings.

  4. Mandate Given and Status of Projects:As per the Shareholders’ Agreement four on-going sanctioned projects of the Indian Railways were identified for implementation by K-RIDE. The present status is as under:

  5. New ProjectsThe Company has brought before BoD various possible projects that could be implemented under PPP mode/as a part of Business Plan.

  6. Future Role of K-RIDEViewpoint

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