Maharashtra raises MRVC share capital to Rs 500 crore

The Maharashtra government on Tuesday approved an increase in the authorised share capital of Mumbai Railway Vikas Corporation Ltd (MRVC) from Rs 25 crore to Rs 500 crore to strengthen the public sector undertaking’s working capital.

The Cabinet also approved an increase in MRVC’s paid-up share capital from Rs 25 crore to Rs 225 crore. It further sanctioned a Rs 98 crore contribution from the Maharashtra government towards its share of the increased paid-up capital in the company.

MRVC was established in 1999 and its equity is jointly held by the Ministry of Railways and the Government of Maharashtra in a 51:49 ratio, respectively.

The PSU undertakes projects to develop suburban railway infrastructure, increase network capacity, modernise facilities and provide better amenities to commuters under the Mumbai Urban Transport Project (MUTP).

According to an official release, the scale of projects being entrusted to MRVC has increased significantly. To strengthen the corporation’s working capital, the Cabinet approved an increase in its authorised share capital from Rs 25 crore to Rs 500 crore.

In another decision, the Cabinet approved amendments to Section 48(7) of the Maharashtra Land Revenue Code, 1966, to strengthen action against the illegal extraction and transportation of minor minerals.

Under the revised provisions, offenders involved in the illegal extraction or transportation of minor minerals will be liable to pay a penalty amounting to ten times the royalty payable. The enhanced penal provision is expected to act as a stronger deterrent against illegal mining and transportation activities.

As the state legislature is currently not in session, the Cabinet approved the promulgation of an ordinance to amend the Maharashtra Land Revenue Code to ensure the immediate implementation of these changes while also increasing revenue through enhanced penalties.

The Cabinet also approved the creation of the post of Managing Director (MD) for the Artificial Intelligence and Agritech Innovation Centre in line with the government’s MahaAgri-AI Policy, the release said.

The Cabinet had earlier approved the MahaAgri-AI Policy and allocated Rs 500 crore for its implementation. As part of the policy, a state-level Artificial Intelligence and Agritech Innovation Centre has been established to drive the adoption of artificial intelligence and advanced agricultural technologies.

At present, the additional charge of the MD’s post is being held by a deputy secretary in the Agriculture Department. The post will now be filled on deputation from among government officers holding the rank of joint secretary, deputy secretary or an equivalent position in the state administration.