RITES readies Rs 2.5 billion for IRSDC stake; IPO to boost railways infra

According to the new plan, Indian Railways will offer 20 per cent of the overall redeveloped area for residential purposes

The ambitious Rs 1-trillion railway station redevelopment plan is set to take a fresh turn. RITES, the public sector undertaking (PSU) of Indian Railways, is likely to acquire around 25 per cent stake in Indian Railway Stations Development Corporation (IRSDC), nodal agency for the redevelopment projects.  

RITES, which is likely to have an initial public offering (IPO) on June 20, 21 and 22, according to sources, has already set aside Rs 2.5 billion for this acquisition. The RITES’ interest is coming at a time when IRSDC has lined up plans to raise about Rs 40 billion from the markets for