IR Sets Up 5-Member Panel to Fast-Track FDI in Railways

Contify Investment

Sept. 20 -- Indian Railways (IR) has set up a departmental panel comprising five members to fast-track Foreign Direct Investment (FDI) inflows in the railways sector in order to improve its existing resources, reported The Times of India.

IR has carried out this step after the newly formed Narendra Modi-led government allowed 100% FDI in railways via direct route.

It is also in the process of forming five model agreements on private sector participation, which also includes investments from foreign investors. The guidelines will be directly monitored by the Prime Minister's Office (PMO).

The government-owned transportation body is in the final stages of a Model Concession Agreement (MCA) for PPP projects and are likely to be announced within the next 30 days.

IR has also sought Rs 50 billion from the government to carry out development work on nine rail line projects covering 310 kms which includes port connectivity for seven projects.

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