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इंडियन आवाज़     13 Apr 2024 06:39:59      انڈین آواز

Railway gets Rs 2,000 cr from LIC for new lines

(Last Updated On: 27/10/2015)

AMN /

Railway Ministry has received funds of 2,000 crore rupees as a loan from Life Insurance Cooperation, LIC as financial assistance for investment in capacity augmentation projects. This is first tranche which was received by the Railway Minister Suresh Prabhu in New Delhi today.

Earlier, the railways had signed an MoU with LIC in March this year for financial assistance of 1.5 lakh crore rupees over the next five years for implementing railway projects. Addressing media persons after receiving the cheque, Railway Minister Suresh Prabhu said 2,000 crore rupees will be utilised for laying new lines to decongest busiest rail corridors.

He said lack of fund is always a major challenge for the railway so there is need to find out appropriate financial institutions for funding. He also asked his officials to explore other avenues to raise fund for investments. The investment would be done in bonds issued by various railway entities such Indian Railways Finance Corporation IRFC in the beginning next fiscal. There would also be a five-year moratorium on interest and loan repayment.

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