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
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