New Delhi, April 20 (IANS): The coal ministry on Monday signed an MoU with the railway ministry and the Odisha government for implementation of common rail corridor projects through a joint venture for coal evacuation in the state.

State miner Coal India will hold 64 percent stake in the joint venture while the Indian Railways will hold 26 percent and the Odisha government will hold 10 percent.

"Speedier execution of projects through an independent corporation is the way forward. This is purely profit-making venture which will help Coal India produce more and sell more coal," said Power Minister Piyush Goyal, who was present here on the occasion.

Coal Secretary Anil Swarup said that "the new joint ventures will undertake the projects through project-specific special purpose vehicles".

Swarup earlier during his February visit to Odisha said that two special purpose vehicles will be jointly formed by the Odisha government, Indian Railways, and the Mahanadi Coalfields Ltd. for evacuation of coal from Talcher and Ib valley areas.

A similar memorandum of understanding is expected to be signed shortly with Jharkhand.