"We sent a letter to the Railway ministry on January 8 informing the state's acceptance of forming the SPV," State Commerce and Transport Minister Ramesh Majhi said.
Odisha's Rail Coordination Commissioner Sanjay Mohapatra said, the state would be the first in the country to accept the Railway ministry proposal.
Union Railway Minister Suresh Prabhu had in a letter to the state governments asked them to come forward for setting up SPVs for jointly developing railway projects.
As per the proposal of the Railway ministry, the state government would have 51 per cent share in the SPV whereas the Centre would invest for the rest in it.
State Chief Secretary C Pati suggested that the SPV focus on rail network connecting ports and industrial corridors.
The SPV will conduct techno-economic survey to assertain requirement of railway infrastructure for backward areas, requirement of industries, ports and mining areas, the chief secretary said in his letter to the Railway Board.
The SPV may execute the projects by selecting suitable agencies. On completion, Railways would operate these services, fix tariff, collect all revenues and maintain the assets, the letter said.
Earlier, the Railway Ministry had informed the state governments including Odisha that a number of rail projects could not be taken up at proper time due to fund constraints.