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Showing posts with label IRCON. Show all posts
Showing posts with label IRCON. Show all posts

Sunday, 19 March 2017

18:21

Railways seek reimbursement for IRCTC service charge waiver

Railways seek reimbursement for IRCTC service charge waiver

IRCTC used to charge Rs 40 per ticket for bookings in AC classes, Rs 20 per ticket in sleeper class

With the finance ministry starting the process for listing of Indian Railway Catering and Tourism Corporation (IRCTC), Indian Railway Finance Corporation (IRFC) and Ircon International (Ircon), the loss of service charge for IRCTC has become a cause for concern for railway officials.

The government waived the service charge following demonetisation to encourage cashless transactions.

The railway ministry has written to the finance ministry seeking reimbursement of the loss amounting to over Rs 500 crore on an annualised basis. IRCTC shares half of this service charge revenue with the railways. Officials said the process for appointment of merchant bankers was under way with ICICI Securities and IDFC making presentations. The Department of Public Asset Management has set March 16 as the final date for submission of requests for quotations in this regard. 

The decision to list these companies came as a surprise to the railways when Finance Minister Arun Jaitley made the announcement in his budget speech last month. The railways had written to the finance ministry on the issue of service charge before the budget as well. When asked about the letters for reimbursement of service charge, BB Verma, the new railway financial commissioner, said, “We are expecting a good valuation for all three  companies. However, the waiver of service charge is a cause for concern as it may affect revenue of about ~500 crore for IRCTC annually.”  

IRCTC used to charge Rs 40 per ticket for bookings in air-conditioned classes and Rs 20 per ticket in sleeper class. In 2015-16, railway ticketing generated Rs 551 crore in income for IRCTC, up 115 per cent from Rs 256 crore in 2014-15. “We expect the finance ministry to do something about this and have written to them in this regard. On a monthly basis, the revenue for IRCTC from the service charge comes to an average of Rs 40 crore, of which about Rs 20 crore is the share of the railways,” said Mohammed Jamshed, member (traffic) of the railways. 

The listing of railway PSUs will also mean that the railway ministry’s plan to set up a holding company for all public sector enterprises under its charge will be shelved. A draft Cabinet note with this proposal was earlier circulated among relevant ministries.  The plan included bringing 13 railway PSUs, including Bharat Wagon & Engineering Company, Container Corporation of India, Ircon, IRCTC, Konkan Railway Corporation, Mumbai Railway Vikas Corporation, Rail Vikas Nigam, Railtel Corporation of India, RITES, Dedicated Freight Corridor Corporation of India, Burn Standard Company and Braithwaite & Company and Kolkata Metro Rail Corporation, under one holding company. 

Only Container Corporation of India is listed. “IRFC and Ircon have huge potential. The AAA rating that IRFC gets from credit rating agencies is proof of this. Listing will not affect its ability to raise money as the government will still provide sovereign guarantee,” Verma added.

In 2017-18, the railways plan to raise about Rs 22,000 crore through IRFC bonds. 

Cause of concern:
* The railway ministry has written to the finance ministry seeking reimbursement of the loss amounting to over Rs 500 crore on an annualised basis
* IRCTC used to charge Rs 40 per ticket for air-conditioned class and Rs 20 per ticket for sleeper- class bookings prior to demonetisation
* The government waived the service charge following note ban to encourage cashless transactions
* In 2015-16, the share of railway ticketing in IRCTC’s revenue stood at Rs 551 crore, up over 115 per cent from Rs 256 crore in 2014-15    

 Source:Business Standard



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Thursday, 22 October 2015

18:05

Rail Minister asks all PSUs to undertake more Railway projects

Rail Minister asks all PSUs to undertake more Railway projects

In a review meeting with the heads of the Central Public Sector Enterprises (CPSEs) under the administrative control of Railways, Prabhu also sought strong presence of all Railway PSUs on the social networking sites for dissemination of information to the public

New Delhi: Minister of Railways Suresh Prabhakar Prabhu held a review meeting with the CMD/MD of the Central Public Sector Enterprises (CPSEs) under the administrative control of Ministry of Railways. In addition, the meeting was attended by Chairman, Railway Board and other Board Members.
The Railway Minister directed that the CPSEs should ensure transparency in their working and to follow the best practices in their tenders / contracts and other activities etc. He also told the CPSEs to be ready to undertake more Railway projects which may be given to them shortly. They should be ready to leverage their resources and reserves for these projects. Funds should not be a constraint for the Railway projects.

He also directed that all the CPSEs should make all out effort to show profit and hand over healthy dividend to the Railways. Turnover / Production targets fro the financial year 2015-16 should be exceeded. Each of the projects undertaken by them should be meticulously planned. The CAPEX targets should be met without fail. It should be examined whether the production units and workshops of Railways may adopt the method of profit and loss accounting.

In the review meeting with the heads of the Central Public Sector Enterprises (CPSEs) under the administrative control of railways, Prabhu also sought strong presence of all railway PSUs on the social networking sites for dissemination of information to the public.

All of them were asked to open their Facebook account and Twitter handle and inform the public about the work being done by these units, a senior Railway Ministry official said. The CPSEs have been asked to develop their own Facebook and Twitter handle and inform the public about the good work being done by them.

The Railways PSUs participated in the review meeting included: Container Corporation of India Ltd.(CONCOR), IRCON International Ltd., Indian Railway Catering and Tourism Corporation (IRCTC), Indian Railways Finance Corporation (IRFC), Konkan Railway Corporation Ltd. (KRCL), Mumbai Rail Vikas Corporation (MRVC), Rail Vikas Nigam Ltd. (RVNL),RailTel Corporation of India Ltd. (RCIL),RITES Ltd.,Dedicated Freight Corridor Corporation of India Ltd. (DFCCIL), Burn Standard Company Ltd.,Braithwaite & Company Limited, Bharat Wagons Engineering Ltd. (BWEL), Kolkata Metro Rail Corporation Ltd (KMRCL).
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Monday, 17 August 2015

08:23

Railways to provide infrastructure for India’s skill development program

Railways to provide infrastructure for India’s skill development program

New Delhi: The government is in the process of selecting certain railway stations to conduct skill development programmes at their facilities.

Minister of State for Skill Development (Independent charge) Rajiv Pratap Rudysaid the Railways has great potential to partner and incentivise skill development.

“So, we have had a major partnership with Railways. We are going to select a few stations. The process is on and skill development is going to start. We have started rolling it out. In a couple of months, we will find some stations functioning like that,” Rudy told PTI here.

The Indian Railways and the Skill Development and Entrepreneurship Ministry have signed an MoU for the former to provide space and manpower to carry out skill development programmes across the country.

“The idea is to use the capacity of these railway stations by using the spare space available there for virtual training like classrooms, for soft skills to connect them to the world; or use the infrastructure.

“Railways has the largest construction capacity, so through IRCON, to train their workers, to do recognition of prior learning for these skilled manpower,” Rudy said.

On the partnership with Indian Railways, he noted that it has the largest infrastructure in the country including about 6,0000 railway stations across the country and a 43,000 km optical fibre network.

“There are about 6,000 railway stations out of which 5,000 railway stations are those in which one or less trains stop. So, these three things are there with each and every railway station in this country.

“One, they have an infrastructure which means a shed or a building with water and sanitation facility. Two, they have dedicated electricity network; and thirdly which is not there in any other location, is the optical fibre network which is 43,000 km,” he said.

The railway infrastructure is also located in inaccessible hinterland where substantial population of the country lives, he said.

“And they pass through locations which are generally very inaccessible. They pass through villages, mountains, forests and they access the hinterland. Large parts of India live in hinterlands which is not accessible by roads…,” the minister said.

With the signing of the MoU, National Skill Development Corporation will be able to provide the right platform to a large number of the rural unemployed youth to learn skills that will help them become economically self-reliant and productive.

The Skill Development Ministry is trying to raise resources through multiple sources to raise funds for the ambitious target of training about 50 crore people, Rudy said.

“We are trying to look for multi-lateral funding because large resources are required. So, for training 50 crore people plus another 10 crore people who are joining the work force, large resources are required.

“We are tapping all sorts of sources, whether it is defence offset, whether we are talking CSR, government funding, non-governmental funding and private partnership, state support…through a combination of things we are trying to raise resources,” he said.

The government has set a target of skilling 40. 2 crore people by 2022 under the new National Policy for Skill Development.
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Friday, 7 August 2015

07:58

Sri Lanka says Indian, Chinese railway projects cost too much

Sri Lanka says Indian, Chinese railway projects cost too much

ECONOMYNEXT – Sri Lanka’s government is investigating two railway projects funded and built by India and China as costs were found to be excessive and also probing other irregularities and corrupt practices in the transport sector, a spokesman said. 

Health Minister Rajitha Senaratne said the corruption was uncovered by a Special Investigation Committee appointed to probe allegations against the former regime.

The cost for rebuilding the island’s northern railway line, which was destroyed in the ethnic war, was found to have been too high, he told a news conference.

He was referring to a project done with an Indian government soft loan by Ircon International Limited, an Indian government construction company.

The committee had probed the “enormous cost and issues regarding the estimates of the constructions of the northern railway line,” Senaratne said.

It also found the costs estimated for the construction of the southern Matara - Kataragama railway line to be high.

This project was funded with a Chinese loan and is being built by China National Machinery Import & Export Corporation (CMC).

In both projects, competitive bidding had not been done in selecting contractors. 

The Internal Transport Ministry has also sought advice from the Attorney General's Department on taking legal action against institutions and people found responsible for irregularities, Senaratne said. 

He said legal action has been instituted against politicians of the ousted Rajapaksa regime for not paying for the use of state buses during the January 2015 presidential poll. 

The Ministry of Internal Transport is seeking to recover 142 million rupees for providing Sri Lanka Transport Board buses for former President Mahinda Rajapaksa’s publicity campaign in the presidential election.  (Colombo/August 6 2015)

Source:Economynext

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Wednesday, 29 July 2015

17:20

With no proper Revenue Targets and Business Plan in place, investments in MFCs to prove dearer for IR

With no proper Revenue Targets and Business Plan in place, investments in MFCs to prove dearer for IR

Indian Railways is actually not a revenue deficient entity… rather it is being pushed towards Bankruptcy – says an Observer.  So, who is pushing it towards bankruptcy?… they are none other than those lethargic officials with low quality-conscious mindset.  One such classic example added is the case of MFCs built by RLDA and IRCON at various Railway Stations in India deteriorating day by day due to low incumbency factor, poor maintenance, lack of revenues targets, coupled with unprofessional approach towards such assets by IR.  The key reason for such a failure of these costly new assets is purely due to lack of professional approach in business and poor revenue planning

Madurai (MDU): This is one of the classic example on how Railway revenues are being wasted by IR and its various entities in the form of different mega projects.  Most often, such facilities are being viewed as the best Publicity Stunts by IR Officials and can be the matter to fill their ACRs in the achievement column.  However many such lavish assets are proved to be unsuccessful adventures on Indian Railways.  Munti-Functional Complexes are the ones being built by IR across the country but without professional approach on how to create and generate revenues from such assets.  More surprising is that there is no proper maintain atleast for such costly infrastructure/assets across the country.

The Multi-Functional Complex (MFC) project at Madurai has been carried out by Railway Land Development Authority (RLDA) with the intention of utilising the unused land on the railway premises for some constructive purposes. The construction work was carried out by IRCON and was completed with underground car parking facility in 2012.

Constructed at a cost of Rs 7.2 crore, the two-storeyed complex has 40 additional rooms to accommodate the passengers and the rooms are of three-star quality and there are also few suites among them for the ones seeking more luxury. There are two conference rooms accommodating 300 to 350 and 100 to 150 people respectively with a pantry facility in the first floor. The ground floor was designed to have a restaurant, coffee shop, utility shops, ATMs, information centre and leisure room for the passengers.

Though it was expected in August, 2012 that RLDA would float tenders from interested people to run the complex, it never materialised. In spite of having state-of-the-art facility, there were no bidders and it was alleged the clauses in the contract were unrealistic.

What should have been a wonderful place to hang out during train journeys has become a den of anti-social elements, according to rail users. “When the railways was talking so much to utilise its resources, the multifunctional complex is decaying with time without seeing the light,” said member of Zonal Rail Users Consultative Committee and president of Tamil Nadu Chamber of Commerce and Industry, N Jegatheesan.

Under these circumstances, Southern Railway general manager, Vashishta Johri who inspected the Madurai division on Thursday said that they are looking at utilizing such buildings. “Many such buildings in zonal railways are underutilized due to various factors and we are fixing them one by one,” he said.  Three years after the Multifunctional Complex was constructed at the Madurai Junction railway station and left to deteriorate, the facility may begin functioning from August – according to Additional Divisional Railway Manager, R V B Babu.  The railways has identified a new agency to operate the complex and would start functioning from there shortly, he added.

Source:.Railnews
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Friday, 3 July 2015

08:35

Polo Towers Group ties up with IRCON ISL; sets up Hotel in MFC Allahabad

Polo Towers Group ties up with IRCON ISL; sets up Hotel in MFC Allahabad

Allahabad (ALD): Shillong based Hotel Polo Towers Group has launched Hotel Polo Max and Food Court in Allahabad railway station compound. The group has entered into a PPP with IRCON Infrastructure & Services (IRCON ISL) under ministry of railways, GoI to set up the hotel in Allahabad. IRCON ISL is developing Multi-Functional Complexes (MFCs) in identified stations for providing rail users facilities like shopping, book-shops, medicine, variety stores, food plazas, budget hotels, underground parking facilities, etc.

Out of the 50 identified stations for the development of MFCs, the Railway Board has proposed to take up work at 24 railway station premises in phases serving places of pilgrimage, industry and tourist interest through IRCON ISL and Rail Land Development Authority (RLDA). Land on long term lease basis is arranged by RLDA.

The Allahabad hotel was recently inaugurated by Suresh Prabhu, Union railway minister. “Our commitment is to create world-class hospitality and dining facilities for the people,” said Deval Tibrewalla, CEO & Director, Hotel Polo Towers Group. Apart from the hotel facilities, the complex features a food court. The highlights of the food court include large screens for sporting events, a variety of cuisines from all over the world, and music. Polo Food Court Allahabad will soon feature real-time train information for the convenience of travellers.

The group currently owns hotels and resorts in Shillong, Cherrapunjee and Tura in Meghalaya. Commenting on the group’s immediate future plans, Tibrewalla said, “We aim to launch 50 such properties. The next is similar kind of a project within the Jabalpur railway station compound in Madhya Pradesh, which will be launched shortly.”

The chain will soon introduce app based check-in using near field communications thereby making the room key redundant for its guests. Additions such as room service ordering through the app and settling of bills on the mobile phone are in the pipeline.
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Friday, 19 June 2015

20:47

NITI Aayog issues Green Signal for Agartala-Akhaura Railway line project

NITI Aayog issues Green Signal for Agartala-Akhaura Railway line project

New Delhi: The Ministry of Railway has finally agreed to fund the long-awaited Agartala-Akhaura project to connect Tripura and Bangladesh, said Arunachal Pradesh state Transport Secretary Mr.Samarjit Bhowmik today in a meeting at Guwahati. After the new government came to power, it was decided that the DoNER Ministry will fund the project, he added.

A high level meeting of NITI Aayog was held in New Delhi on June 18 in a bid to break the deadlock on the 15-km Agartala-Akhaura rail project along Tripura on the proposed India-Bangladesh railway project.  NITI Aayog officials presided over the meeting in which, the officials from the Ministries of Railways, Development of North Eastern Region and External Affairs and the Tripura government officials participated.

Prime Minister Narendra Modi and Bangladesh Premier Sheikh Hasina discussed the project during Modi’s official visit to Dhaka on June 6-7. The Rs.575-crore ($90 million) railway project was finalised in January 2010 during the Bangladesh prime minister’s meeting with then Indian prime minister Manmohan Singh in New Delhi.

The 1,650-km distance between Agartala and Kolkata would be reduced to only 515 km once the rail track is constructed through Bangladesh.

The project cost was earlier estimated at Rs.271 crore. In addition, Rs.302 crore was needed to acquire around 98 acres of land in India for laying the tracks. Work to lay the 15-km railway track to link Tripura capital Agartala with Bangladesh’s southeastern Akhaura city is yet to start although the two countries are very serious about executing the project, a Northeast Frontier Railway (NFR) official said.

State-owned Indian Railway Construction Company (IRCON) is expected to lay the tracks on both sides of the border, with five km falling in the Indian territory and the remaining in Bangladesh.

The new railway connectivity between the northeastern state and Bangladesh will boost socio-economic, trade and business ties between the two countries, the transport minister said.

The NFR is the nodal agency for the project, for which alignment of rail line and other technical details were finalised by officials of both India and Bangladesh.
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Tuesday, 16 June 2015

21:18

NITI Aayog to Get India-Bangladesh Rail Project on Track

NITI Aayog to Get India-Bangladesh Rail Project on Track

AGARTALA:  NITI Aayog will hold a meeting in New Delhi on June 18 in a bid to break the deadlock on the proposed India-Bangladesh railway project, Tripura Transport Minister Manik Dey said today.

"NITI (National Institution for Transforming India) Aayog has called a meeting on Thursday (June 18) to break the deadlock on the 15-km Agartala-Akhaura rail project along Tripura," Mr Dey told reporters here.

Meanwhile, a senior state official said that the central government was "yet to provide funds for the project".

NITI Aayog's chief executive officer or special secretary will preside over the Delhi meeting, where officials of ministries of railway, development of northeastern region and external affairs and the Tripura government will participate.

Prime Minister Narendra Modi and Bangladesh Premier Sheikh Hasina discussed the project during Modi's official visit to Dhaka on June 6-7.

The Rs.575-crore ($90 million) railway project was finalised in January 2010 during the Bangladesh prime minister's meeting with then Indian prime minister Manmohan Singh in New Delhi.

"The central government is yet to provide required funds for the project. Land acquisition and subsequent works for the rail project to connect Tripura with Bangladesh will be delayed as a result," a top state government official, who did not wish to be named, told IANS.

He said the state government recently approached the railway ministry again to allocate funds. "No funds were allocated in the railway budget for 2015-16, even for land acquisition," the official said.

The project cost was earlier estimated at Rs.271 crore. In addition, Rs.302 crore was needed to acquire around 98 acres of land in India for laying the tracks.

"Work to lay the 15-km railway track to link Tripura capital Agartala with Bangladesh's southeastern Akhaura city is yet to start although the two countries are very serious about executing the project," a Northeast Frontier Railway (NFR) official said.

State-owned Indian Railway Construction Company (IRCON) is expected to lay the tracks on both sides of the border, with five km falling in the Indian territory and the remaining in Bangladesh.

"The new railway connectivity between the northeastern state and Bangladesh will boost socio-economic, trade and business ties between the two countries," the transport minister said.

The 1,650-km distance between Agartala and Kolkata would be reduced to only 515 km once the rail track is constructed through Bangladesh.

The NFR is the nodal agency for the project, for which alignment of rail line and other technical details were finalised by officials of both India and Bangladesh.

 Source : NDTV
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Thursday, 4 June 2015

07:55

Indian Railways to partially offload Stake in some of its PSUs

Indian Railways to partially offload Stake in some of its PSUs

New Delhi: To mop up resources, the Indian Railways is considering the option of divesting stake in some of its PSUs, which will be routed back to build infrastructure.

The Railways has set a target to raise Rs.8.5 lakh crore over the next five years, of which 1 lakh crore will be invested in rolling stock, such as wagons, coaches and locomotives. It has already signed an agreement with LIC to raise ₹1.5 lakh crore for investment in infrastructure projects.

The move to partially offload stake in some of its public sector units (PSUs) was among the various options discussed by Railway Minister Suresh Prabhu in a recent meeting of the advisory board on financial matters, which includes KV Kamath, President, Development Bank of BRICs Countries and former Chairman, ICICI Bank; Arundhati Bhattacharya, Chairperson, State Bank of India; Rajiv Lall, Executive Chairman, IDFC; and Raghav Bahl, who heads Quintillion Media Pvt Ltd; and senior Railway officials.

Incidentally, the Railways has already asked its various public sector units to undertake valuations.

“The money from such stake sale could be routed as equity to form a joint venture company proposed to be set up with Indian Railway Finance Corporation (IRFC) as proposed in the railway budget. The total mobilised funds through such a non-banking finance company can be 10 times the funds,” said sources present in the meeting.

IRFC, a public sector unit, is the fund-raising arm of the Railways, and largely funds rolling stock.

CONCOR stake

The Railways is set to shed five per cent stake in Container Corporation of India (CONCOR), the only publicly listed Railways unit.

The other units where value can be unlocked are RITES, IRCON and Indian Railways Catering and Tourism Corporation (IRCTC).

But, the Railways is unlikely to sell stake in IRFC, with which Railways enters into annual agreements for repayments.

In this year’s budget, Prabhu had announced setting up an infrastructure fund, a holding company and a joint venture with an existing non-banking financial corporation of a public sector unit with IRFC, to raise long-term debt.

The debt can be raised from domestic as well as overseas sources, including multilateral and bilateral financial institutions keen on working with the Railways.

Another top railway official said that while many investors are waiting to put in money, the Railways has to first send investor-friendly signals.
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Wednesday, 3 June 2015

08:27

IRCON to upgrade passenger amenities at Guwahati station

280515
02-06-2015
MALIGAON

IRCON to upgrade passenger amenities at Guwahati station

Passenger Amenities at Guwahati station are poised for a major uplift. Ministry of Railways has entrusted IRCON International Limited, a Public Sector Undertaking under Govt. of India to bring about a visible improvement in passenger amenities through Corporate Social Responsibility (CSR) fund. IRCON officials led by its GM/Eastern Region Shri B.Sarkar accompanied by Shri S.Nayar, ADRM/Lumding/N.F.Railway inspected the Guwahati station o­n 27th May, 2015 as part of the o­ngoing Passenger Facilitation Fortnight. To improve the passenger amenity, it has been proposed to provide Reverse Osmosis (RO) plant of 2000 litres per hour capacity for safe drinking water at platform no. 2, 3, 4 & 5.Two hydraulic lifts are to be provided for easier access to the Foot Over Bridges. Golf carts for use by old persons and persons with disabilities are also to be provided. Existing toilets in waiting halls, retiring rooms, and dormitory will also be renovated. Flexible steel dustbins will be provided throughout the station for improving the existing garbage disposal system. Circulating area at Guwahati station will be provided with retro-reflective road marker, solar studs and o­ne way spike breaker. New retro-reflective signage will be provided at different platforms for better guidance to passengers. Railway is also trying to improve the platform surface by using Kota stone which will help in mechanized cleaning. More CCTV cameras will also be provided for improving the security of the station. A memorandum of understanding (MOU) will be shortly entered into by N.F.Railway and IRCON for the implementation of these Passenger Amenity improvement works at Guwahati which is the largest station of the Zone and a gateway to the Northeast. These measures are expected to further benefit passengers and rail users of the region.
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Saturday, 30 May 2015

08:06

Railways to sign MOU with select PSUs on utilising CSR funds to spruce up stations

Railways to sign MOU with select PSUs on utilising CSR funds to spruce up stations

New Delhi: Indian Railways is eying the huge corporate social responsibility funds available with the government’s public sector units (PSUs) to upgrade and modernize passenger amenities at platforms.

To begin with, the state-run transporter will sign MoUs with railway PSUs for taking up works to ensure better facilities for travellers using their CSR funds at 10 stations during the ongoing 15-days customer facilitation drive that started on May 26.

The railways’ mega plan aims to cover more stations by involving other government PSUs such as NTPC.

Five railway PSUs – CONCOR, IRCTC, IRCON, RITES and RVNL – will be assigned two stations each from among Mumbai CST, Howrah, New Delhi, Guwahati, Patna, Varanasi, Vadodara, Chennai, Agra and Bengaluru to bring about visible improvement in passenger amenities using funds available under their CSR schemes.

Additional member, railway board, Mohd Jamshed said, “The five PSUs will be pitched against each other as to who has provided better passenger amenities at stations. The work would be visible to all. This will promote healthy competition among them. At a later stage, we plan to engage other government PSUs such as NTPC to improve passenger facilities at stations.”

While the MoUs will clearly spell out the kind of amenities each PSU can provide, the long list of passenger facilities to be provided at stations includes installing reverse osmosis (RO) plants for safe drinking water, putting up water coolers, installing lifts and escalators and making available carts for old and differently-abled passengers.

“The PSUs can take up works for renovation of toilets in waiting halls, retiring rooms and dormitory or building new ones. They can provide electronic boards and reflective signages at platforms as also steel dustbins. They can also work for improving circulating area at stations,” an official said.

The MoUs will have one-year, two-year and five-year targets.

Faced with the funds crunch, railways has also been urging private companies to pitch in with money from their CSR schemes for improvement of railway stations.
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