Railways draws road map for FY20, plans to raise $1 bn in US market

The Indian Railways is expected to raise $1 billion in the United States market during the current financial year. Its borrowing arm Indian Railway Finance Corporation (IRFC) would do the fund raising to build infrastructure and meet its rolling stock requirements.

IRFC has appointed arrangers in the US for the bond issue. Insurance companies and pension funds are likely to subscribe to them. According to a source close to the development, IRFC will issue Global Medium Term Note (GMTN) with repayment tenure of 15-25 years. The interest rates are expected to be lower than 4.73 per cent at which IRFC raised