To give a boost to setting up and launching metro rail projects in Rajasthan, a new Centre-state joint venture company will be formed soon.

A decision to this effect has been taken at a meeting of the state cabinet held here under the chairmanship of Chief Minister Bhajan Lal Sharma on Saturday evening.

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The joint venture with equal (50-50 per cent) stakes would be formed in direct partnership between the Central government and the state government.

Earlier, arrangements for the operating project, Jaipur Metro Rail Phase 1A from Mansarovar to Chandpol and Phase1B from Chandpol to Badi Chaupad were under joint (partnership) between the Central government and the Jaipur Metro Rail Company (JMRC).

All work on further phases of the Jaipur Metro Rail project and the exclusively new future projects/proposals in other cities will be managed by the new to-be-formed entity, Chief Minister Sharma said here.

Installation, construction, operations, and maintenance for all existing and new projects would be the sole responsibility of the new JVC.

However, the ownership of the Jaipur Metro Phase 1A and 1B will continue to be vested in JMRC, the CM has written in a post on his Twitter page.

A steering committee has been constituted under the chairmanship of Chief Secretary Sudhansh Pant to perform mandatory work, formalities and procedures required to be done for floating of the JVC.

Thereafter, a properly made proposal for the JVC would be sent to the Centre.