New Delhi: Indian Railway Finance Corporation (IRFC) has sanctioned a fresh term loan facility of Rs 199.70 crore to Surat Integrated Transportation Development Corporation Limited (SITCO) for the development of India’s first international-standard Multi-Modal Transport Hub (MMTH) at Surat.
The loan agreement has been signed in New Delhi between SITCO's Director Mohit Kumar, Company Secretary Namrata Makharia, and IRFC's General Manager (Finance) Ashish Saini in the presence of senior officials from both organisations.
SITCO, a joint venture of the Ministry of Railways and the Government of Gujarat, is developing the project, which will integrate railways, metro, Bus Rapid Transit System (BRTS), city and regional bus services, along with autos, taxis, and other intermediate transport modes. The hub is also planned to include upgraded station infrastructure and enhanced passenger amenities.
IRFC, the dedicated financing arm of the Ministry of Railways is diversifying its financing portfolio within the railway ecosystem, extending support to projects with forward and backward linkages such as power, mining, warehousing, ports, metro rail, and multimodal logistics. IRFC continues to maintain a zero-NPA track record.
Commenting on the development, IRFC's Chairman and Managing Director (CMD) Manoj Kumar Dubey said, “IRFC is the dedicated financing arm for projects in the railway ecosystem, with strong forward and backward linkages. Our support to the construction of SITCO’s landmark Surat MMTH project reflects our commitment to providing competitive financing solutions while developing railway-linked infrastructure that powers India’s logistics, strengthens urban mobility, and contributes to the nation-building journey.”
The financial support from IRFC is expected to enhance the project’s viability, accelerate its execution, and contribute to regional economic growth while strengthening India’s transport infrastructure capacity.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)