IRFC and RITES to boost financing and development of railway infrastructure

Indian Railway Finance Corporation Ltd. (IRFC) has signed a Memorandum of Understanding (MoU) with RITES Ltd., marking a significant step forward in strengthening the cooperation in financing and development of railway infrastructure projects. IRFC is a Schedule ‘A’/Miniratna Public Sector Enterprise under the Ministry of Railways (MoR).

This strategic partnership primarily aims to identify potential areas of collaboration to expand IRFC’s role in offering financial assistance to projects or institutions that have backward and forward linkages with Railways. Meanwhile, RITES will help IRFC by assessing the financial and technical viability of projects, providing advisory services, and delivering consultancy services.

Shelly Verma, the CMD (addl. Charge) & Director (Finance) of IRFC, shared her thoughts on the collaboration. She said, “IRFC, along with RITES, will not only strengthen the financial ecosystem for Railway Infrastructure projects but also contribute to the overall growth and modernization of the Indian Railways. Partnering with a premium and established consultancy institution like RITES will enhance IRFC’s appraisal and marketing capabilities in exploring funding opportunities in various sectors supporting Railway infrastructure.”

This new alliance is poised to provide a considerable boost to the infrastructure development initiatives of the Indian Railways.