NEW DELHI (Metro Rail News): Indian Railway Finance Corporation (IRFC), the financing arm of the Ministry of Railways, has signed a ₹199.70 loan agreement with Surat Integrated Transportation Development Corporation Limited (SITCO) to support the development of India’s first international-standard Multi-Modal Transport Hub (MMTH) in Surat. The hub is being developed by Surat Integrated Transportation Company Limited (SITCO), a joint venture of the Ministry of Railways and the Government of Gujarat.
The loan agreement was formalised at SITCO’s office in New Delhi, involving Mr. Mohit Kumar, Director of SITCO, Ms. Namrata Makharia, Company Secretary of SITCO, and Mr. Ashish Saini, General Manager of Finance at IRFC. This execution took place in the presence of senior officials from both organisations.
Financial assistance from IRFC will be used for the construction of various project components. This funding will support project stability and help in its timely completion.
The Surat Multi-Modal Transport Hub (MMTH) will bring together different transport modes such as rail, metro, BRTS, city and regional buses, auto-rickshaws, and taxis to improve passenger connectivity. The project also includes upgrades to station infrastructure and passenger facilities.
On this occasion, Shri Manoj Kumar Dubey, IRFC Chairman and Managing Director, said, “IRFC is the dedicated financing arm for projects in the railway ecosystem, with strong forward and backwards 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.”
The Indian Railway Finance Corporation (IRFC) acts as the financing arm of the Ministry of Railways. Since its establishment in 1986, the IRFC has supported the growth of India’s rail infrastructure by raising funds at competitive costs. The corporation was recently granted ‘Navratna’ status, allowing it to expand its role as an infrastructure financier within the wider railway network.
