Indian Railways: IRFC Joins Hands With RITES For Development Of Rail Infrastructure Projects

Aiming at strengthening cooperation in financing and development of railway infrastructure projects, Indian Railway Finance Corporation (IRFC) has joined hands with RITES Ltd.

IRFC, the dedicated funding arm of the Indian Railways and Rail India Technical and Economic Service (RITES) have signed a memorandum of understanding (MoU) for identifying mutual areas of collaboration.

The objective is to expanding IRFC’s role in providing financial assistance to projects/institutions that have got backward and or forward linkages with the Indian Railways.

As part of the MoU, RITES will offer consultancy and advisory services and assist in ascertaining the financial and technical viability of projects.

RITES, India’s leading transport infrastructure consultancy and engineering firm, would explore avenues of mutual collaboration in the railway eco-system and the transport infrastructure sector.

Senior officials of RITES Ltd and IRFC were present at the MoU-signing ceremony in Gurugram.

RITES chief strategy officer Monobendra Ghosal said, “Together, RITES’ consultancy prowess and IRFC’s financial expertise will stimulate mega and critical projects and drive sustainable growth in the transport infrastructure sector. The strategic partnership, through knowledge sharing, will also bring in synergy and innovation in the consultancy domain.”

Expressing her views on the occasion, IRFC CMD Shelly Verma said, "IRFC, along with RITES, will not only strengthen the financial ecosystem for Railway Infrastructure projects but also contribute to the overall growth and modernisation of the Indian Railways."

IRFC, a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has an experience spanning 49 years and has undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.

Its pivotal role in financing various railway infrastructure projects in the country has been instrumental in driving the growth and modernisation of the railway sector.

Over the years, IRFC's contributions to the Indian Railway sector have been substantial, with cumulative funding surpassing the significant milestone of Rs 5.5 trillion.

With a focused approach aimed at supporting the expansion and modernisation of Indian Railways, IRFC remains committed to making the railway network future-ready.