RITES to pick 24% stake in Railway's station redevelopment entity

The Centre’s Rs 1-trillion plan to redevelop 400 stations across the country is likely to get a boost with Railways subsidiary RITES in the final stage of taking up 24 per cent stake in the Indian Railway Stations Development Corporation (IRSDC).
 

According to sources, a shareholder agreement was signed on May 21 and the proposal will be taken up for approval of the shareholders of both the companies in the annual general meeting expected in August.
 

IRSDC, the nodal agency to redevelop stations in India, is now a joint venture company of Rail Land Development Authority (RLDA) and Ircon International.