Indian Railway Finance (IRFC) rose 1.15% to Rs 153.75 after it signed a memorandum of understanding (MoU) with REMCL to collaborate on financing renewable energy projects awarded by REMCL for supply to Indian Railways.
REMCL is a joint venture of the Ministry of Railways (MOR) and RITES.The collaboration also extends to exploring financing options for thermal, nuclear, and renewable power projects established under a captive model through joint ventures involving Indian Railways and other entities.
This MoU sets the foundation for cooperation between IRFC and REMCL to advance Indian Railways' goal of minimizing reliance on fossil fuels and achieving net-zero carbon emissions by 2030. The collaboration aims to harness renewable energy sources for the railway sector, added the company.
Under the agreement, REMCL will provide its expertise in procuring economical conventional/renewable power for railways including conducting of bidding process for setting up renewable energy projects in the power sector, while IRFC will offer its financial acumen, including project appraisal and fundraising capabilities.
Indian Railway Finance Corp. principal business is to borrow funds from the financial markets to finance. The Government of India held 86.36% stake in the company as on 30 September 2024.
Indian Railway Finance Corporation (IRFC) standalone net profit rose 4.40% to Rs 1,612.65 crore on 2.01% increase in total income to Rs 6,900.20 crore in Q2 FY25 over Q2 FY24.
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