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It’s full speed ahead for Kansas City Southern’s and Norfolk Southern Corp.’s Meridian Speedway pact. Yesterday, the Class Is announced the Surface Transportation Board approved their plan to form a joint venture company to control the 320-mile Meridian, Miss.-to-Shreveport, La., corridor.

As part of the deal proposed in December, Speedway owner KCS agreed to contribute the line to the joint venture but retain a 70 percent interest. NS agreed to invest $300 million during the next four years to expand the Speedway’s capacity — such as by installing signal systems, extending sidings and building portions of double track — in return for a 30 percent interest in the line.

“Now, we can begin implementing the capacity and service improvements … along this very important transcontinental rail corridor,” said KCS Chairman, President and Chief Executive Officer Mike Haverty in a prepared statement.

KCS will continue to operate trains on the Speedway while NS will be the sole operator of certain intermodal trains.

“The project is a creative approach to improving the overall fluidity of the nation’s rail network,” said NS Chairman, President and CEO Wick Moorman.