Tripartite Agreement with French Railways
- 12 Jun 2019
- 2 min read
Indian Railway Station Development Corporation (IRSDC), has signed a tripartite agreement with French Railways (SNCF) and AFD, a French Development Agency.
- Under this agreement, AFD has agreed to support capacity building for the railway station development program in India by providing in-kind grant financing up to 7,00,000 EURO, through French National Railways (SNCF)-Hubs as well as Connexions as a Technical Partner to the corporation.
- This will not impose any financial liability on Indian Railways or IRSDC.
- IRSDC is responsible for developing and redeveloping the existing and new railway stations across India.
- The agreement will help Indian Railways in positioning stations across the country as world-class transport hubs.
- It is a special purpose vehicle (SPV) of the Ministry of Railway that has been designed to develop new stations and redevelop existing Indian railway stations.
- IRSDC is a joint venture between Indian Railway Construction Company Limited (IRCON) and Rail Land Development Authority (RLDA).
- ISRDC was incorporated under the Companies Act, 1956 on 12 April 2012
- The core purpose of IRSDC is to build world-class railway stations that apply state of the art sustainable technologies. The redevelopment effort is being administered as a PPPP project, i.e. a Public Private Partnership People project.
- One of the primary facets is the involvement of developers and the lease of surplus railway land. Thus, monetizing existing assets without stressing the budgetary resources of the nation.