LIC India invests Rs.250 Crore in Konkan Railway bonds

KR is entrusted with construction and operation of Railway line along the west coast from Roha (Maharashtra) to Thokur (Karnataka)

irfc tax free bonds LIC IndiaMumbai: In a huge boost for the Konkan Railway Corporation’s expansion plans, the Life Insurance Corporation of India Limited (LIC India) has subscribed to Rs 250 crore worth of KR bonds. It will allow the railway firm to kickstart some projects announced as part of the 25th anniversary celebrations of KRCL.

In a press statement, Sanjay Gupta, Chairman-managing director of KR stated that the financial support received from LIC will go a long way towards assisting in the development of capacity augmentation and passenger friendly projects.

On the eve of the 25th Foundation Day celebration held on October 15, 2015, Railway Minister Suresh Prabhu had announced these projects. They included electrification of Konkan Railway route, construction of new halt stations and passenger terminals, doubling of Konkan Railway route, additional loop lines and stations for augmentation of section capacit.

KRCL is also expanding its reach by participating in projects which are meant for port connectivity (Jaigad Port connectivity project) or to provide rail connectivity to hinterlands (Chiplun-Karad Rail Link).

“The seminal role of LIC as a crucial partner in the development of Railways and KRCL under the visionary leadership of the Minister of Railways Suresh Prabhu, cannot be overemphasised,” Gupta said.

KR is a Government of India Public Sector Undertaking under the ministry of Railways entrusted with construction and operation of Railway line along the west coast from Roha (Maharashtra) to Thokur (Karnataka). Apart from Government of India, four State Governments—Maharashtra, Goa, Karnataka and Kerala—​have equity participation in KR.

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