The Bihar cabinet Tuesday gave its nod for constituting "Patna Metro Rail Corporation Ltd (PMRCL)" as special purpose vehicle (SPV) for implementation of the metro rail project in the capital. The cabinet meeting chaired by Chief Minister Nitish Kumar also approved Rs 2,000 crore as PMRCL authorised capital. Briefing mediapersons here, Cabinet Secretariat department's Principal Secretary Sanjay Kumar said that Urban Development and Housing Department's Principal Secretary will be the head of SPV while representatives of Finance, Road, Transport and Energy departments will be the members of its board of directors.

The state government would nominate the Managing Director of the SPV. Notably, RITES has submitted the revised Detailed Project Report (DPR) to the Urban Development and Housing department about a week ago, department sources said adding that DPR would now be put up before the state cabinet for approval. Once the DPR is approved by the state cabinet, it would be sent to the centre for the approval, the sources said. A preliminary DPR for metro rail project was approved by the state cabinet in February 2017 but it was required to be revised after the Centre came up with a new metro policy. The metro rail envisages two corridors in the first phase.