IRSDC inducts RITES as third promoter with 24% equity stake in the organisation

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In a recent development, Indian Railway Stations Development Corporation Ltd. (IRSDC) has inducted Rail India Technical and Economic Services Ltd. (RITES) as the third promoter with 24% equity stake in the organisation.

In May this year, the company has signed Shareholders’ Agreement for acquiring 24% stake in IRSDC for Rs. 48 crore, with Rail Land Development Authority and IRCON International being the other equity partners.

The enhanced paid-up capital is now held by RLDA, IRCON and RITES in the ratio of 50:26:24. 

  • RITES induction has facilitated IRSDC in receiving an additional capital of Rs. 48 crores. 
  • The Station Development program of Indian Railways will get an additional boost with four strong industry representatives; RLDA, IRCON, RITES and IRSDC joining hands. 
  • Mr. S.K. Lohia is the current MD & CEO, IRSDC. RITES is headed by Mr. Rajeev Mehrotra, Chairman & MD. 
  • RITES has also appointed a nominee on the IRS DC board, Mr. V.G. Suresh Kumar and he will be serving as a Director. 

MD & CEO, IRSDC said: “With the induction of RITES in addition to RLDA & IRCON, IRSDC will be benefited from land development experience of RLDA, construction experience of IRCON and consultancy experience of RITES. IRSDC is the only organisation which is being managed by a very versatile Board, which comprises of total four Govt. nominee directors including two senior officials from MoR, one representative each from Niti Aayog and DEA, who bring entire PPP experience of Govt. of India, besides nominee directors from promoters.” 

About IRSDC: 

IRSDC is committed to develop self-sustainable railway stations in the country with high standards of safety, comfort, user friendly passenger amenities, value added services and efficiency by adopting the best technological practices, sound financial strategy and optimum utilization of resources. To know more, visit the website: https://irsdc.in/ Follow our social media handles: https://twitter.com/irsdcinfo and facebook.com/IRSDC and Linkedin. 

About RITES: 

RITES Ltd. is an ISO 9001:2015 company, is a multi-disciplinary consultancy organization in the fields of transport, infrastructure and related technologies. It provides a comprehensive array of services under a single roof. For more details, check website: https://rites.com/.


Source: IRSDC-Press Note

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