The Railways Ministry will float a special purpose vehicle (SPV) to manage the entire electrification work of railways network and arrange funding for it, an official said today.

“As far as funding for electrification is concerned, we are looking at funding through an SPV and getting that SPV to run the entire electrification of Railways,” a top official in the Railways Ministry said.

The SPV will be tasked to look after the whole electrification project of the Railways. It will be own and manage those assets, the official said.

“The ministry is still working to float this SPV,” the official said.

Earlier in September, Railways Minister Piyush Goyal had said that his ministry is exploring ways to speed up the electrification process so as to cut down about Rs 16,000 crore expense on diesel.

“We are giving a relook to the ways of speeding up the electrification process” of rail lines across the country. The ministry is consulting all the people who are involved in the electrification process,” Goyal had said.