Suresh Prabhu to meet financial fraternity on Indian Railways funding options

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New Delhi | April 20, 2016 10:16 PM

Indian Railways Minister Suresh Prabhu will meet top officials of leading financial institutions and brokerages tomorrow to discuss ways to raise additional funds for the expansion plans of the railways.

Suresh Prabhu, who has been piloting efforts to modernise Indian railways, is scheduled to meet top officials of financial institutions and brokerages tomorrow in Mumbai.(Representative image: Reuters)Suresh Prabhu, who has been piloting efforts to modernise Indian railways, is scheduled to meet top officials of financial institutions and brokerages tomorrow in Mumbai.(Representative image: Reuters)

Indian Railways Minister Suresh Prabhu will meet top officials of leading financial institutions and brokerages tomorrow to discuss ways to raise additional funds for the expansion plans of the railways.

The railways is looking at various funding raising options including the possibility of issuing rupee-denominated bonds in overseas markets, sources said.

Prabhu, who has been piloting efforts to modernise Indian railways, is scheduled to meet top officials of financial institutions and brokerages tomorrow in Mumbai.

During the meeting, to be held at leading stock exchange BSE, the railways minister is expected to discuss various aspects of the railways and plans to meet the funding requirements for modernisation, sources said.

This would be the second time in eight months when Prabhu would be meeting representatives of financial entities.

According to sources, the Minister is looking to have periodic dialogue with the financial fraternity.

Indian railways is firming up a plan for infrastructure development with an ambitious target of pumping in more than Rs 8 lakh crore over the next four years.

The massive investment plan would involve high-speed rail connectivity, station redevelopment and capacity augmentation across the country.

Railways capital expenditure has increased from Rs 57,000 crore in 2014-15 to Rs 97,000 crore in 2015-16 and in the current fiscal it has been pegged at Rs 1.21 lakh crore.

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