You are here: Home » Companies » News
Business Standard

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

Topics
Rites Ltd | Rites | Indian Railways

Shine Jacob  |  New Delhi 

RITES
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.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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