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Railways plans to raise Rs 72,800 cr
Posted Date: 10 Jul 2008 Resource Type: Articles/Knowledge Sharing Category: News
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Posted By: banwarilal Member Level: Gold
Rating:  Points: 1
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KOLKATA: Indian Railways intends to raise Rs 72,800 crore from the overseas and domestic markets to part-finance its Rs 2,51,000 crore capex plans for the next five years.
It is considering possibilities of raising a portion of the requisite funds through external commercial borrowings (ECBs) and from multilateral funding agencies. "The money will go into creating the proposed freight corridors, doubling of lines, electrification, gauge conversion and rolling stocks. We have recently submitted the proposal with the Planning Commission," V N Mathur, member traffic, Railway Board told reporters in Kolkata on Tuesday.
He was here to attend a one-day logistics colloquium - strengthening supply chain by forging links, organised by the Confederation of Indian Industries (CII).
Detailing on the proposal submitted to the Planning Commission, Mr Mathur said: "Of the Rs 2,51,000 crore, about Rs 90,000 crore will be Railways' internal generation. We intend to raise about Rs 72,800 from the markets and this may also include ECBs. The Railway Board has also decided to approach multilateral agencies like the Japan Bank for International Co-operation (JBIC) for raising a portion of the fund."
"A portion of the Rs 72,800 crore will also be raised by our finance agency - Indian Railway Finance Corporation (IRFC). IRFC raises funds for the railways and it is expected that a large portion of the requirement will be raised by IRFC. However, with the Rupee getting stronger against the dollar we may raise a proportion of the fund through ECBs and from agencies," said Mr Mathur.
Digressing to the Delhi-Mumbai freight corridor, Mr Mathur said: "The railways has decided to set up logistics hubs and warehouses on the corridor to enable easy movement of goods. This is also expected to attract banks at these locations too."
"We have approached JBIC for funding a portion of the fund requirement for the freight corridor which is expected to cost about $90 billion. Japan International Co-operation Agency (JICA) has initiated a study on the feasibility of the Delhi-Mumbai portion of the corridor. It is expected to submit its report by October this year," he added.
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