Transport infrastructure consultant RITES Ltd. will buy one-third stake worth Rs 250 crore in state-run peer tasked with development of railway stations — Indian Railway Stations Development Corporation Ltd.
“Our board has considered this and in-principle we have conveyed to them [IRSDC] that we are ready for up to 25 percent participation,” Rajeev Mehrotra, chairman and managing director of RITES, told BloombergQuint on the sidelines of a press conference organised to launch the company’s initial public offer. The investment, funded through the company’s internal accruals, will start flowing out from the July-September quarter, he said. Read More
Latest posts by Bloomberg Quint (see all)
- Day After PM Modi Flagged It Off, Vande Bharat Express Breaks Down - February 16, 2019
- City Gas Distribution Auction: It’s Adani Vs The Rest - February 13, 2019
- India’s Plan To Set Up A Gas Trading Hub Is Years Away - February 8, 2019