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Mumbai Oct05:The state government on Thursday approved the Rs900crore Konkan railway project, which will connect to all the important ports in the state.

State industries minister Narayan Rane, who has been pursuing the project in his home turf Konkan, said, “The state government will invest Rs450 crore and the remaining Rs450 crore will be allocated by the Centre.”

Rane has indicated that they will also work out an alternative means to raise funds if the Centre fails to provide the 50% allocations within the next three years. The state government will rope in private companies associated with the port development authority to raise the equity to fund the project. However, the Centre has begun the process of conducting survey to outline the details and feasibility of the project.

The railway line, which stretches between Karad and Chiplum, has been on the state agenda for the past several years. After the railway lines are connected with ports, it would bring massive business and economic prosperity to the region. The entire region, which has been declared ecologically sensitive by an environment study group under Union government, has been struggling to set its industrial policies on fast track. All the mining projects in pipeline have been put on hold. The state government is closely scrutinising every project in this region to ensure that it does not land in any kind of trouble because of environment clearance.

Another interesting project long envisaged relates to construction of a terminal in village Madure in Sawantwadi. Rane wrote a letter to the chief minister urging him to allocate Rs250 crore for the terminal. In principle, the chief minister has agreed for the funds. The process of land acquisition is underway and the project is expected to be complete by 2014.

The Rs1,200 crore Kolhapur-Vaibhavwadi railway link project is also high on state government’s agenda. Sources said the details related to funds and other aspects have to be worked out and will take some time before going ahead.