Indian Railways attracts FDI worth $59 million: govt

Minister of state for railways Manoj Sinha says FDI in the railways between September 2015 and February 2016 stood at $59.81 million

Photo: Hindustan Times
Photo: Hindustan Times

New Delhi: Foreign direct investment (FDI) in the railways between September 2015 and February this year stood at $59.81 million, the Lok Sabha was informed on Wednesday.

As per data compiled by the department of industrial policy and promotion (DIPP), the quantum of FDI during September 2015 to February 2016 year is $59.81 million, minister of state for railways Manoj Sinha told the Lok Sabha in a written reply.

He said agreements have been signed between Indian Railways and a joint venture company for setting up of two locomotive factories at Madhepura (electric) and Marhowra (diesel) in Bihar costing about Rs.2600 crore, and entailing FDI inflow in rolling stock manufacturing.

While the precise amount of FDI further expected cannot be predicted or quantified, potential projects involving FDI include Dankuni and Kancharapara rolling stock factories, and annuity projects of the third line between Wardha-Nagpur, Kazipet-Vijaywada and Bhadrak-Nargundi.

The railways has notified sectoral guidelines on FDI and nominated the public-private partnership cell of the ministry as the FDI facilitation cell.

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