Government plans to raise Rs 300 crore from RailTel IPO by September

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The government is targeting to raise over Rs 300 crore through an IPO (Initial Public Offering) of RailTel Corporation and has asked the telecom infrastructure provider to speed up finalising its books of accounts for 2018-19. In December 2018, the Cabinet approved IPO of RailTel by diluting up to 25% government stake.

More Information:

  • An official said,”The plan is to launch the IPO by September. We are looking to raise about Rs 300 crore from the share sale.”
  • The Miniratna PSU is one of the largest neutral telecom infrastructure providers in the country owning a optic fiber network on exclusive Right of Way (RoW) along railway track.
  • The company provides broadband telecom and multimedia network across the country.
  • The Department of Investment and Public Asset Management (DIPAM) will be appointing merchant bankers and legal advisers for IPO of RailTel soon, the official further said.
  • The official added,”RailTel Corp has been asked to prepare their audited financial results by mid of June so that documents can be filed with regulatory authorities for approval.”
  • In December, the CCEA (Cabinet Committee on Economic Affairs) approved a plan to list 6 public sector companies, including RailTel Corp.
  • The government last month raised Rs 476 crore by selling 12% stake in Rail Vikas Nigam Limited (RVNL) through an IPO.
  • In current fiscal, DIPAM is also planning to launch IPOs of 2 other rail CPSEs — Indian Railway Catering and Tourism Corp (IRCTC) and Indian Railway Finance Corp (IRFC).
  • The Cabinet in April 2017 approved listing of 5 railway companies — IRCON International, RITES, RVNL, IRFC, and IRCTC.
  • Of these, IRCON and RITES were listed in 2018-19 and RVNL in April 2019.
  • The government has budgeted to raise Rs 90,000 crore through PSU divestment in current fiscal, compared to Rs 84,972 crore raised in 2018-19.

Southern Railway to upgrade 61 trains under project ‘Utkrisht’

Date : May 13, 2019

The Southern Railway will complete upgradation of 61 trains under the project ‘Utkrisht‘ soon. The Tambaram-Nagercoil tri-weekly express, which was upgraded under the scheme, was flagged off from Tambaram recently.

More Information:

  • An official said,”In the first phase, 10 trains were upgraded under the Utkrisht programme. In the second phase, 64 trains were allotted for upgradation for Southern Railway.”
  • Out of that, 3 trains have been upgraded and the upgradation of the remaining 61 trains will be completed soon, the official said.
  • The total outlay for upgrading 64 trains in Southern Railway was Rs 67.75 crore, he said.
  • The Tambaram-Nagercoil Express has features include-
    • Hydrophobic coated wash basin
    • Epoxy flooring in the toilet
    • Vinyl wrapping of doorway and gangway
    • LED lights
    • Bay mobile charging points
    • Glowing berth number indication boards
    • Odourless bio-toilets
    • WiFi infotainment in air conditioned coaches
  • Utkrisht project involves upgradation of 640 train rakes for improvement in passenger amenities and comfort in the next 2 years at an estimated cost of Rs 400 crore.
  • It involves giving new paint to the coaches, changing damaged seats and berths, refurbishing the toilets, providing LED lighting and braille inside the compartments and gangways, and enabling coach maintenance services onboard.
  • Last year in December, Kongu Express which runs between Coimbatore and Hazrat Nizamuddin was the first train to be flagged off under project Utkrisht of the Southern Railways.
  • The coaches of the train were refurbished at a cost of Rs 60 lakh.
  • Chennai-Sengottai bi-weekly Silambu Express also was refurbished under the project in February this year.

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Some Past Related Updates which might interest you :

 11 May, 2019: Konkan Railways signs agreement with Nepal to supply two 1600 HP DEMU train sets

 03 May, 2019: IRCON wins Railway work worth USD 91.27 Million in Sri Lanka

 02 May, 2019: Northern Railway in Association with Rail Coach Factory, Kapurthala Holds Vendors Meet

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