IRFC sanctions ₹200-crore loan for India’s first multi-modal transport hub in Surat

State-run Indian Railway Finance Corporation Ltd (IRFC) on Tuesday (August 19) said it has sanctioned and executed agreements for a fresh term loan of ₹199.70 crore with Surat Integrated Transportation Development Corporation Limited (SITCO) to support the development of the Surat multi-modal transport hub (MMTH), the first of its kind in India.The funding will facilitate the development of the Surat MMTH, designed to integrate multiple modes of transport and improve connectivity for passengers in one of Gujarat’s fastest-growing cities. The loan agreement was signed today (August 19) at SITCO’s New Delhi office between Mohit Kumar, Director, SITCO, Namrata Makharia, Company Secretary, SITCO, and Ashish Saini, General Manager Finance, IRFC.

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Surat Integrated Transportation Development Corporation Limited (SITCO) — a joint venture of the Ministry of Railways and Government of Gujarat — is developing India’s first international-standard multi-modal transport hub (MMTH) in Surat. The project will integrate rail, metro, BRTS, city and regional buses, and intermediate transport modes like autos and taxis, while also upgrading passenger amenities and station infrastructure.IRFC has extended financing support to SITCO for the construction of components of the Surat MMTH. This intervention strengthens the project’s financial viability and ensures its long-term sustainability. The funding will accelerate the timely execution of the project while contributing to regional economic growth and enhancing India’s transport infrastructure capacity.

Shares of Indian Railway Finance Corp Ltd ended at ₹126.80, up by ₹1.95 or 1.56%, on the BSE today, August 19.

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