RITES may get into station development by acquiring 25% stake in IRSDC

RITES is strategically important to the railways because it has operations in 55 countries of the world

Railways subsidiary RITES, which is set to be listed, is likely to diversify into station development by acquiring a 25 per cent stake in Indian Railway Stations Development Corporation (IRSDC), which has a more than Rs 1 trillion uplift plan for 600 stations. 

The government is likely to divest a 12 per cent stake, or 24,000,000 equity shares, in RITES through an initial public offering (IPO) at a face value of Rs 10 each.

The IPO is expected in March as the Department of Investment and Public Asset Management (Dipam) is looking to achieve disinvestment of Rs 1 trillion in