New Delhi: Indian Railway Finance Corporation Ltd (IRFC) has entered into a strategic tripartite Memorandum of Understanding (MoU) with V.O. Chidambaranar Port Authority (VOCPA) and Sagarmala Finance Corporation Limited (SMFC) to jointly support financing for large-scale port and multimodal infrastructure projects. The MoU was signed at Transport Bhawan, New Delhi, by IRFC’s Chairman and Managing Director Manoj Kumar Dubey, VOCPA’s Chairperson Susanta Kumar Purohit, and SMFC’s Managing Director LVS Sudhakar Babu in the presence of Union Ministers Ashwini Vaishnaw, Sarbananda Sonowal, and Shantanu Thakur.
Focus on Outer Harbour Project and Multimodal Connectivity
Under the agreement, the three organisations will jointly explore structured financing solutions for the Outer Harbour Project at VOCPA and other port-led multimodal connectivity initiatives. The collaboration aligns with India’s Sagarmala initiative and the PM Gati Shakti National Master Plan, which aim to strengthen integrated transport infrastructure across the country and improve logistics efficiency.
This partnership seeks to facilitate India’s growing trade volumes by providing robust financial support for large-scale infrastructure projects that connect ports, railways, and multimodal corridors.
Strategic Benefits of the Collaboration
According to IRFC CMD Manoj Kumar Dubey, the MoU represents IRFC’s strategic transition toward a diversified national infrastructure financier, while keeping railways central to India’s logistics and freight ecosystem.
Key benefits of the collaboration include:
- Integrated financing across railways, ports, and multimodal networks
- Leveraging IRFC’s capital market access and long-term financing capabilities
- Utilizing SMFC’s maritime sector expertise
- Supporting VOCPA’s port expansion and connectivity upgrades
The MoU is expected to support sustainable infrastructure development, improve logistics efficiency, and strengthen India’s coastal and multimodal trade corridors.
Role of VOCPA and SMFC
VOCPA, one of India’s major ports, is undertaking significant capacity expansion and connectivity upgrades to meet rising cargo volumes and enhance coastal trade. SMFC plays a pivotal role in accelerating financing for maritime infrastructure projects, ensuring timely funding and project execution.
About IRFC
Indian Railway Finance Corporation (IRFC) is the dedicated financing arm of Indian Railways, responsible for mobilising resources for railway projects and infrastructure development. With a strong capital market presence and long-tenor funding capabilities, IRFC is now evolving as a key national infrastructure financier, supporting integrated development across railways, ports, and multimodal transport networks.
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