To create a special purpose vehicle (SPV), Pipavav Railway Corporation Ltd (PRCL) was set up in May 2000 under the Companies Act, 1956, as a joint venture (JV) company with Indian Railways and Gujarat Pipavav Port Ltd (GPPL) under a shareholder's agreement with 50 per cent equity participation of each party. PRCL is a unique example of public-private participation (PPP) in the development of infrastructure.
The SPV was assigned the task of converting the metre gauge line between Surendranagar and Rajula City to broad gauge and its further extension to Pipavav Port. The company is also entrusted the task of managing all operations and commercial functions in connection with the carriage of freight traffic on the 271 km Pipavav Railway connecting port of Pipavav. PRCL enjoys the status of a Railway Administration, under the Railways Act, 1989.
Source: http://www.pipavavrailway.com/
Pipavav Railway Corporation Ltd: First Infrastructure Modal of PPP in Rail Transportation
| 2002 | Commences commercial operations |
| 2000 | Gets incorporated under Companies Act, 1956 |