Indian Railway Finance Corporation (IRFC) has approved Rs. 199.70 crore loan to Surat Integrated Transportation Development Corporation Limited (SITCO) for India’s first international-standard Multi-Modal Transport Hub (MMTH) in Surat. This substantial project will link rail, metro, BRTS, buses, and taxis, and aims to improve passenger experience and regional connectivity.
Introduction:
Indian Railway Finance Corporation (IRFC), the financing arm of the Ministry of Railways, has taken a crucial move in supporting India’s urban transport modernization. The company has sanctioned and executed agreements for a fresh term loan facility of Rs. 199.70 crore with Surat Integrated Transportation Development Corporation Limited (SITCO) to fund the development of the Surat Multi-Modal Transport Hub (MMTH).
The loan document was signed at SITCO’s New Delhi office by Shri Mohit Kumar, Director, SITCO, Smt. Namrata Makharia, Company Secretary, SITCO, and Shri Ashish Saini, General Manager Finance, IRFC, in the presence of senior officials from both organizations.
IRFC’s Expanding Role in Infrastructure Financing:
Established in 1986, IRFC has played a vital role in mobilizing financial resources for railway infrastructure at competitive rates. Recently accorded Navratna status, IRFC is diversifying into financing projects with forward and backward connections to railways. Its portfolio now covers:
- Power generation and transmission:
- Mining, coal, and fuel logistics
- Warehousing and multimodal logistics
- Telecom and digital infrastructure
- Metro rail and freight corridors
- Ports, hotels, and catering services
The corporation continues to maintain zero non-performing assets (NPA), underlining its strong asset quality and financial discipline.
Surat MMTH – India’s First International-Standard Multi-Modal Hub:
The Surat Multi-Modal Transport Hub (MMTH) is being developed by SITCO, a joint venture of the Ministry of Railways and the Government of Gujarat. Envisioned as India’s first international-standard transport hub, the project will seamlessly integrate:
- Indian Railways
- Metro rail system
- Bus Rapid Transit System (BRTS)
- City and regional bus services
- Intermediate public transport (autos and taxis)
Beyond transport integration, the hub will also focus on upgraded passenger amenities and modernized station infrastructure, creating a benchmark for future transport hubs across the country.
Insight:
IRFC Chairman and Managing Director, Manoj Kumar Dubey, 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 railwaylinked infrastructure that powers India’s logistics, strengthens urban mobility, and contributes to the nation-building journey.”
Significance of the Project:
The IRFC loan support enhances the financial viability and sustainability of the Surat MMTH. By ensuring timely funding, the project will accelerate execution and contribute to:
- Enhancing regional connectivity within Gujarat
- Decongestion by integrating multiple modes of transport
- Accelerating passenger comfort with world-class amenities
- Promoting sustainable mobility with efficient interchanges
- Driving economic growth in Surat, one of India’s fastest-growing urban centers
Conclusion:
The partnership between IRFC and SITCO for the Surat MMTH is a much needed step for India’s transport infrastructure journey. By combining modern financing with integrated transport planning, the project will not only improve passenger convenience but also set the benchmark for a sustainable, connected, and future-ready India.
Source: IRFC – Press Release | Images Credit: IRFC
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