Prabhu announces $20-bn project for development of railway stations

Indian Railways has taken up an ambitious scheme for development of 400 stations across the country, involving massive influx of funds in the coming months, minister of railways Suresh Prabhu said.

The proposed station development project will attract investment of about $20 billion in phases, he said, adding that discussions are being held with World Bank for creating a fund of $30 billion to fund key rail infrastructure projects.

"I had discussion with World Bank MD Srimulyani Indirawati last week over possibility of creating $30 billion fund for infrastructure projects," Prabhu said at the CII function in the national capital.

He, however, declined to share details of the proposed fund saying "the modalities are being worked out and will be announced later."

"We want to develop 400 stations in a unique model and 15 to 20 billion US dollar are expected to be invested in it", Prabhu said.

He said all information will be on website and tenders will be invited with highest level of transparency.

Exuding confidence that capital expenditure will exceed in the current fiscal, he said there are many ongoing projects like dedicated freight corridor (DFC), gauge conversation, doubling, safety upgradation etc, which involve good investments.

"We are putting consumer money like Coal India (CIL) on expansion of rail line for coal evacuation. Port connectivity and DFC are two other areas where investments are happening", he said.

On LIC fund, he said the first tranche of it will be released very soon.

LIC has signed an MoU with railways committing investment of Rs1,50,000 crore in the next five years.

On ties with other countries, Prabhu said there will be collaboration with Japan and Korea for carrying out research on railways.

"Waterless and odourless toilets will be developed in collaboration with Research, Design and Standards Organisation (RDSO) and Japan," he said.