Date of Post : June 17, 2017
New Delhi: A report said, with the Department of Investment & Public Asset Management (DIPAM) calling for proposals for the appointment of registrars for their listing, the initial public offers (IPOs) of IRCON International Ltd, IRCTC (Indian Railway Catering and Tourism Corporation) & RITES Limited are on course.
- IRFC is the sole financier of railway projects by sourcing low-cost funds from the market, while, IRCTC handles almost 60 per cent of rail ticket bookings.
- IRCON the infrastructure & engineering arm of the railways, also builds projects overseas for governments & private parties.
- Arun Jaitley, Finance Minister, had previously announced the plans of Indian Railways (IR) to list its subsidiaries this year after the merger of railway budget with union budget.
- According to DIPAM’s advertisement for the registrar’s appointment, the last date for the submission of proposals is 7 July.
- The report added, DIPAM has already shortlisted investment banks to manage the IPO of Indian Railway Finance Corporation Limited (IRFC), another railways subsidiary.