IRFC sanctions financial aid for India’s First Multi-Modal Transport Hub
The railway-backed PSU has extended financing support to SITCO for the construction of components of the Surat MMTH. This loan facility would support the project’s financial viability and ensure its long-term sustainability.
IRFC sanctions financial aid for India First Multi Modal Transport Hub at Surat
New Delhi, 20 August 2025: Railway PSU, Indian Railway Finance Corporation (IRFC), has sanctioned a fresh loan facility of Rs 199.70 crore. The company has executed a loan agreement with Surat Integrated Transportation Development Corporation Limited (SITCO) to support the development of the Surat Multi-Modal Transport Hub (MMTH).
The Loan Agreement was signed at SITCO’s New Delhi office between Mr. Mohit Kumar, Director, SITCO; Ms. Namrata Makharia, Company Secretary, SITCO; and Mr. Ashish Saini, General Manager Finance, IRFC, in the presence of senior officials from both organizations.
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As a joint venture of the Ministry of Railways and the Government of Gujarat, Surat Integrated Transportation Development Corporation Ltd (SITCO) has been developed as India’s first international standard Multi-Modal Transport Hub (MMTH) at Surat.
The project will integrate rail, metro, BRTS, city and regional buses, and intermediate transport modes like autos and taxis, while also upgrading passenger amenities and station infrastructure.
The railway-backed PSU has extended financing support to SITCO for the construction of components of the Surat MMTH. This loan facility would support the project’s financial viability and ensure its long-term sustainability.
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Speaking on the occasion, the IRFC Chairman and Managing Director said, "IRFC is the dedicated financing arm for projects in the railway ecosystem, with strong forward and backward linkages." Our support to the construction of SITCO’s landmark Surat MMTH project reflects our commitment to providing competitive financing solutions while developing railway-linked infrastructure that powers India’s logistics, strengthens urban mobility, and contributes to the nation-building journey.”
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