MUMBAI: In a major relief to the Mumbai Railway Vikas Corporation (MRVC), which is reeling under financial strains because of non-payment of dues by the state government, the Mumbai Metropolitan Region Development Authority (MMRDA) has paid it Rs 150 crore which will help the railway development body tide over financial crisis till July 2022.
MRVC is a 50:50 joint venture between the Maharashtra government and the ministry of railways. The cost of various projects is borne equally by both while funds for the projects executed by MRVC are released by MMRDA and Cidco.
