Ministry of Railways approves for takeover of Mahanadi Coal Railway

The company has made an exchange filing citing an in-principle nod given by the Ministry of Railway and announcing the closure of Mahanadi Coal Railway Limited, a joint venture of IRCON.

Ministry of Railways approves for takeover of Mahanadi Coal Railway

Ircon International announced that the Ministry of Railways has granted in-principle approval to take over Phase- I (Angul- Balram, 14 KM already operational) and Phase-II (Balram-Putgadia-Tentuloi, 54 KM under construction) of Mahanadi Coal Railway (MCRL), a joint venture company of IRCON (IRCON holds 26% share in MCRL). The legal formalities, pricing, and related modalities are in process.

The company has made an exchange filing citing an in-principle nod given by the Ministry of Railway and announcing the closure of Mahanadi Coal Railway Limited, a joint venture of IRCON.

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According to the company’s information, IRCON's share of loss in FY 2023-24 was Rs.41.11 lakh and the share of Net worth as on 31 March 2024 was Rs.109.73 crore.

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