Indian Railway Finance Corporation (IRFC) has sanctioned a fresh term loan of ₹199.70 crore to Surat Integrated Transportation Development Corporation Limited (SITCO) to support the development of the Surat Multi-Modal Transport Hub (MMTH). The loan agreement was signed at SITCO’s New Delhi office by Mr. Mohit Kumar, Director, SITCO; Ms. Namrata Makharia, Company Secretary, SITCO; and Mr. Ashish Saini, General Manager Finance, IRFC, in the presence of senior officials from both organizations.
IRFC, established in 1986 as the financing arm of the Ministry of Railways, has been instrumental in strengthening India’s rail infrastructure. Recently granted ‘Navratna’ status, the company is expanding its role as a diversified infrastructure financier, covering projects linked to railways, including power, mining, coal, warehousing, telecom, metro rail, freight corridors, ports, and multimodal logistics. IRFC maintains a strong asset quality with a zero-NPA record.
SITCO, a joint venture of the Ministry of Railways and the Government of Gujarat, is developing India’s first international-standard MMTH at Surat. The hub will integrate rail, metro, BRTS, city and regional buses, and other transport modes like taxis and autos, while also upgrading passenger amenities and station facilities.
The IRFC loan will ensure the financial viability and timely execution of the Surat MMTH project, boosting regional economic growth and enhancing India’s transport infrastructure capacity.
