State-owned RITES has picked up a 24% stake in the Indian Railway Stations Development Corporation (IRSDC), a JV between Rail Land Development Authority and IRCON, infusing ₹48 crore as additional capital.
“Indian Railway Stations Development Corporation (IRSDC) has inducted Rail India Technical and Economic Services Ltd. (RITES) as the third promoter with 24% equity stake in the organisation. The enhanced paid-up capital is now held by RLDA, IRCON and RITES in the ratio of 50:26:24,” IRSDC said in a statement.
V G Suresh Kumar will be the RITES nominee on the IRSDC board, it added.“IRSDC will now benefit from RLDA’s land development experience, IRCON’s construction experience and RITES’ consultancy experience,” said S.K. Lohia, MD & CEO, IRSDC.
“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,” he said.