RITES Boards IRSDC Train, Takes 24% Equity Stake

Indian Railways unit RITES has now become the third promoter in the Indian Railways Stations Development Corporation (IRSDC) and has taken up a 24% stake.

Both RITES and IRSDC are Government of India units.

Railway Land Development Authority (RLDA), IRCON and RITES are now the three promoters of IRSDC with the paid up capital held in the ratio of 50:26:24.

RITES has also appointed V G Suresh Kumar to the IRSDC board. S K Lohia is the Managing Director and Chief Executive Officer of IRSDC. RITES is headed by Rajiv Mehrotra as Chairman and Managing Director.

“With the induction of RITES in addition to RLDA & IRCON, IRSDC will be benefited from land development experience of RLDA, construction experience of IRCON and consultancy experience of RITES” said IRSDC CEO S K Lohia.

IRSDC has emerged as a key execution agency forging the path for redevelopment of several key railway stations on Indian Railways. It is pushing ahead with redevelopment projects at various stations in Mumbai, Delhi, Nagpur, Ahmedabad, Habibganj, Gandhinagar, Amritsar into what it calls ‘Railopolis’ hubs.

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