Ircon International and the Rail Land Development Authority (RLDA) have signed an MOU to set up a SPV that will undertake redevelopment and maintenance of stations.
The SPV - Railway Stations Development Corporation - will have 51 per cent equity stake from Ircon International, with remaining held by the RLDA. Initially, station redevelopment of major stations including Delhi, Mumbai, Kolkata, Chennai, Bangalore, will be handed over to the SPV. The SPV will take up provision passenger amenities in a cost neutral manner by utilising the real estate potential of the land and airspace in the stations.