New Delhi: Ircon International Limited (IRCON), a Miniratna PSU under the Ministry of Railways, has signed a memorandum of understanding with RZD International LLC, a subsidiary of state-owned Russian Railways Company to explore opportunities for joint development of railways and other infrastructure projects in Asia, Africa and Latin America. This information has been shared by IRCON during the regulatory filing to the stock exchange on Thursday.
“IRCON has been constantly looking to establish a strong partnership with the companies, wherein we can mutually benefit from our expertise. This MOU is a step towards building a long term business relationship which will help us to enhance our presence in different geographies’’ : IRCON's CMD SK Chaudhary
According to MoU, both parties have agreed to form a joint Indian - Russian working group. This group will look into ways of developing a strong partnership to coordinate, plan and subsequently implement projects in the field of railways and other infrastructure not only in India but also in countries of mutual interest.
The MoU has been signed by IRCON International Limited’s Chief General Manager (Business Development) Parag Verma and Provisional Director-General of RZD International LLC Sergey Stolyarov.
Commenting on the IRCON’s Chairman & Managing Director (CMD) SK Chaudhary, “IRCON has been constantly looking to establish a strong partnership with the companies, wherein we can mutually benefit from our expertise. This MOU is a step towards building a long term business relationship which will help us to enhance our presence in different geographies.’’
Ircon International Limited (IRCON)
Ircon International Limited is a Miniratna PSU and a leading turnkey construction company in the public sector known for quality, commitment and consistency in terms of performance. The core competence of IRCON is in Railways, Highways and Extra High Tension substation engineering and construction. The company has executed projects operated in the areas of Railway construction including ballastless track, electrification, tunnelling, signal & telecommunication as well as leasing of locos, construction of roads, highways, commercial, industrial & residential buildings and complexes, airport runway and hangars, metro and mass rapid transit system, etc. IRCON has widespread operations in several states in India and other countries (Malaysia, Nepal, Bangladesh, South Africa, Algeria and Sri Lanka). Company has completed more than 128 projects in more than 24 countries across the globe and 383 projects in various states in India.