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RITES takes 24% stake in railway station firm, gets board representation

V G Suresh Kumar will be RITES nominee on IRSDC board; RITES' induction has brought IRSDC additional capital of Rs 48 crore

Rites Ltd | Rites | Indian Railways

Shine Jacob  |  New Delhi 

Representative image | S K Lohia is the current managing director and chief executive officer of IRSDC

Ltd, a company of the has taken 24 per cent equity stake in Indian Railway Stations Development Corporation (IRSDC) and has got a representation on the company board.

The enhanced paid-up capital in IRSDC is now held by Rail Land Development Authority (RLDA), Ircon and in the ratio of 50:26:24. RITES' induction has brought IRSDC additional capital of Rs 48 crore.

“The station development programme of will get an additional boost with four strong industry representatives; RLDA, IRCON, and IRSDC joining hands,” an IRSDC statement said.

S K Lohia is the current managing director and chief executive officer of IRSDC. V G Suresh Kumar will be the RITES nominee on the IRSDC board.

“With the induction of RITES in addition to RLDA and Ircon, IRSDC will benefit from RLDA's land development experience, Ircon's construction experience and RITES' consultancy experience. IRSDC is the only organisation that is being managed by a very versatile board consisting of four government nominee directors in all, including two senior officials from the Ministry of Railways, one representative each from the Niti Aayog and the department of economic affairs, who bring the entire PPP experience of government of India, besides nominee directors from promoters,” said Lohia.

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First Published: Thu, October 15 2020. 14:59 IST