An MoU has been signed between the Surat Municipal Corporation (SMC), Indian Railway Stations Development Corporation Limited (IRSDC) and Gujarat State Road Transport Corporation Limited (GSRTC) to revamp the Surat railway station. A JV company has been formed for the execution of the project on a PPP basis. The share of IRSDC, GSRTC and SMC will be 63 per cent, 34 per cent (equity) and 3 per cent respectively. The equity stakes are likely to be changed after the formation of the SPV with a private developer. Work on the project is expected to commence by March 2017.