Kolar, Karnataka got approval to set up rail coach manufacturing unit

As per the press notificaion of Government of India on 28th February 2014, The Union Cabinet gave its approval for setting up a new rail coach manufacturing unit at Kolar, Karnataka. This new unit of rail coach manfacturing will be responsible of  manufacturing of 500 coaches per annum at an estimated cost of Rs 1460.92 cr.(excluding cost of land) with active participation of State Government. 

Important to note : 

The Ministry of Railways will finance 50 percent of the cost and the Government of Karnataka shall provide the required land, free of cost as well as meet the remaining 50 percent of the project completion cost with escalation. 

Government of Karnataka will provide Land to the extent of about 1118.38 acres free of cost.The proposed plant shall help Indian Railways in ensuring timely availability of passenger coaches to meet the increasing demands of passenger transportation. 

Apart from among important current affairs it is also a good news for many people as it will be having many upcoming govt jobs too.