The MoR and the Odisha government have formed a JV company for the state’s railway infrastructure development. This is in line with the government’s budget announcement of entering into MoUs with state governments to form JVs wherein the state government will have 51 per cent stake and the MoR will have 49 per cent stake. The primary role of the JV will be to identify projects and potential financing avenues. Thereafter, project-specific SPVs will be incorporated, with the JV holding a minimum 26 per cent share. In order to increase the viability of the project, the SPV will own the land, which is a departure from the earlier practice.