New Delhi: Indian Railway Finance Corporation Ltd (IRFC) has signed a strategic tripartite Memorandum of Understanding (MoU) with V.O. Chidambaranar Port Authority (VOCPA) and Sagarmala Finance Corporation Limited (SMFC) to jointly support financing of large-scale port and multimodal infrastructure projects.
The MoU has been signed at Transport Bhawan, New Delhi, by IRFC's Chairman and Managing Director (CMD) Manoj Kumar Dubey; VOCPA's Chairperson Susanta Kumar Purohit; and SMFC's Managing Director LVS Sudhakar Babu in the presence of the Union Minister for Railways, Communications and Electronics & IT Ashwini Vaishnaw, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal, and Minister of State for Ports, Shipping and Waterways Shantanu Thakur.
Under the MoU, the three entities will jointly explore structured financing options for the development of the Outer Harbour Project at V.O. Chidambaranar Port, along with other port-led and multimodal connectivity projects. The collaboration is aligned with the Sagarmala initiative and the PM Gati Shakti National Master Plan, aimed at strengthening integrated transport infrastructure across the country .
Commenting on the development, Dubey said the agreement reflects IRFC’s strategic transition towards becoming a diversified national infrastructure financier, while continuing to keep railways at the core of India’s logistics and freight movement ecosystem. He noted that integrated financing across railways, ports, logistics corridors and multimodal networks is critical to supporting India’s expanding trade and economic growth .
The partnership combines IRFC’s strong capital market access and long-tenor financing capabilities with SMFC’s maritime sector expertise and VOCPA’s port expansion programme, positioning the collaboration to support sustainable infrastructure development and improved logistics efficiency.
VOCPA, one of India’s major ports, is currently undertaking significant capacity expansion and connectivity upgrades to cater to rising cargo volumes and coastal trade, while SMFC continues to play a catalytic role in accelerating financing for maritime infrastructure projects. The MoU underscores IRFC’s evolving role as a key enabler of India’s integrated transport infrastructure ecosystem, supporting long-term economic growth and national development objectives.
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