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, a company of the Indian Railways 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 RITES in the ratio of 50:26:24. RITES' induction has brought IRSDC additional capital of Rs 48 crore.

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

S K Lohia is the current managing