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Railway Minister Suresh Prabhu will lay the foundation stone for the Rolling Stock Component factory, estimated to cost nearly Rs 300 crore, in Maharshtra's Ratnagiri district.
"The unit, to be set up at Lote Parshuram near Ratnagiri, would come up at a cost of Rs 297.28 crores and the foundation stone laying ceremony would happen very soon," a statement issued by Central Railway said.
For the project, 50 acres land has been acquired from the MIDC in Lote Parshuram area in Ratnagiri district.
The centralised Railway Rolling Stock Components factory can discharge the works of overhaul and rehabilitation of safety sub-assemblies of railway rolling stock.
"Dedicated overhaul equipment and rehabilitation lines coupled with dedicated workers will ensure consistent and world class quality at low cost. This factory will meet the needs of not only Central Railway but also the adjoining railways like Konkan Railway Corporation, Western Railway, South Central Railway, South Western Railway," it added.
Indian Railways will accrue the vital benefits like improvement in reliability of wagons and coaches, increased availability and higher rolling stock and reliability from the facility.
Being the first big project in the area, this factory will pave way for ancillary activities in the adjoining areas of Khed and Chiplun in Ratnagiri district, it said.
The project is also expected to speed up the development of the region through employment generation of around 500, it said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)