Kochi, Sep 15 (IANS): The Kerala government Thursday formed a new public limited company for setting up a 630-km high speed rail network connecting state capital Thiruvananthapuram with Mangalore in neighbouring Karnataka.

The Kerala High Speed Rail Corporation Ltd would implement the high speed rail network, estimated to cost Rs.77,000 crore ($16 billion).

The Kerala State Industrial Development Corporation (KSIDC) has been appointed as the nodal agency to develop the project. Delhi Metro was assigned with the pre-feasibility study, a press statement issued here said.

The project will be implemented as a joint venture between the state government and a private partner to be selected later.

The new company was formed on the basis of the pre-feasibility report submitted by Delhi Metro. Further technical studies and economic evaluation were being planned.

The proposed high speed corridor will have two parallel standard gauge tracks like Delhi Metro.

The corridor will have an alignment independent of the existing alignment of Indian Railways.

T. Balakrishnan, additional chief secretary (industries and commerce), Alkesh Kumar Sharma, managing director, KSIDC, and T.P. Thomas Kutty, executive director, KSIDC, are directors of the new company.