Railways sign MOU for redevelopment [Mar 2012]

The Ministry of Railways signed a formal Memorandum of Understanding (MoU) for setting up a Special Purpose Vehicle (SPV) namely ‘Railway Stations Development Corporation Limited’ to take up work of redevelopment of railway stations along with station maintenance across India in a dedicated manner. The MoU was signed between the two PSUs of the Ministry of Railways, namely Ircon International Limited (IRCON) and Rail Land Development Authority (RLDA) for formation of this new SPV.
Speaking on the occasion, Minister of Railways, Dinesh Trivedi pointed out that with the initiative of creating a dedicated institution for modernisation of stations, one more significant step has been taken up to implement objectives of the Vision 2020. The new entity will help railway stations develop as vibrant centres of the life of cities for commerce, entertainment and social space. The Vision 2020 document had acknowledged that the stations on Indian Railways are far behind those in the advanced countries and the stations located in major metropolitan cities are ill-equipped to handle growing passenger traffic. The new SPV proposes to address these issues.

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