New Delhi: The Indian Railway Finance Corporation (IRFC) has sanctioned a fresh term loan facility amounting to Rs 199.70 crore to the Surat Integrated Transportation Development Corporation Limited (SITCO) for the development of India’s first international-standard Multi-Modal Transport Hub (MMTH) in Surat. This landmark financing marks a significant step towards transforming urban mobility and logistics infrastructure in the region.
Loan Agreement Signed to Boost Surat’s Transport Infrastructure
The formal loan agreement was signed in New Delhi by Mohit Kumar, Director of SITCO, and Namrata Makharia, Company Secretary of SITCO, alongside Ashish Saini, General Manager (Finance) of IRFC. Senior officials from both organisations witnessed the signing ceremony, underscoring the collaborative nature of this critical infrastructure project.
Project Overview: Integrating Transport Modes for Seamless Connectivity
SITCO, a joint venture between the Ministry of Railways and the Government of Gujarat, is spearheading the development of this multi-modal transport hub. The hub aims to integrate various modes of transport including:
- Railways
- Metro rail
- Bus Rapid Transit System (BRTS)
- City and regional bus services
- Autos, taxis, and other intermediate transport modes
In addition, the project includes upgraded station infrastructure and enhanced passenger amenities designed to provide a world-class commuter experience.
IRFC’s Role: Financing India’s Railway-Linked Infrastructure
As the dedicated financing arm of the Ministry of Railways, IRFC is diversifying its financing portfolio beyond traditional rail projects. It supports sectors linked to the railway ecosystem such as power, mining, warehousing, ports, metro rail, and multimodal logistics. The organisation boasts a zero Non-Performing Assets (NPA) track record, reflecting its robust financial management.
Comments from IRFC Chairman & Managing Director
Manoj Kumar Dubey, Chairman and Managing Director of IRFC, said, “IRFC is the dedicated financing arm for projects in the railway ecosystem, with strong forward and backward linkages. Our support to the construction of SITCO’s landmark Surat MMTH project reflects our commitment to providing competitive financing solutions while developing railway-linked infrastructure that powers India’s logistics, strengthens urban mobility, and contributes to the nation-building journey.”
Expected Impact: Accelerating Regional Growth and Connectivity
The financial assistance from IRFC is expected to:
- Enhance the project’s viability
- Accelerate its execution timeline
- Strengthen India’s transport infrastructure capacity
- Contribute to regional economic growth and improved urban mobility
This project represents a major milestone in India’s journey toward creating integrated, sustainable urban transportation networks.
About SITCO
Surat Integrated Transportation Development Corporation Limited (SITCO) is a joint venture company focused on redeveloping Surat Railway Station and integrating it with other transportation modes. It’s a special purpose vehicle (SPV) established to create a state-of-the-art multi-modal transport hub. SITCO was created to redevelop the Surat Railway Station and the GSRTC bus terminal, integrating them with the BRTS, City Bus, Surat Metro, and other transport options.
About IRFC
Established in 1986, Indian Railway Finance Corporation (IRFC) is the dedicated financing arm of the Ministry of Railways. It plays a key role in funding railway projects by mobilising low-cost resources. Recently granted ‘Navratna’ status, IRFC is now expanding its mandate to finance a wide range of rail-linked infrastructure, maintaining a strong financial track record with a zero-NPA portfolio.
