Indian Railway Stations Development Corporation to be dissolved
Indian Railways has ordered to dissolve the “Indian Railways Stations Development Corporation” on the basis of recommendation of Principal Economic Advisor of Finance Ministry, Sanjeev Sanyal.
Highlights
- This move is in line with the rationalisation of railway bodies by closing or merging multiple organisations.
- Railway Board has ordered to initiate all necessary procedural formalities for closure of IRSDC.
- Stations managed by IRSDC as well as all the projects related documents will be handed over to respective Zonal Railways.
Background
With this move, IRSDC is the second organisation under the Ministry of Railways that will be shut down. Earlier, on September 7, 2021, Indian railway had shut down the closure of Indian Railways Organisation for Alternative Fuel (IROAF).
Indian Railway Stations Development Corporation Limited (IRSDC)
IRSDC was a special purpose vehicle which is a joint venture of Rail Land Development Authority (RLDA), RITES and IRCON. International. All three companies of Indian Railways are owned by Indian Railway Ministry. It was incorporated on April 12, 2012. On October 18, 2021, Railway Board announced to shut down IRSDC in a bid to rationalise railway bodies. It was at the core of Indian railway’s mission of transforming railway stations in India into world-class 24*7 hubs. It is also a nodal agency and main Project Development Agency (PDA) for redevelopment of stations.
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Month: Current Affairs - October, 2021