IRFC's ₹200 Crore Loan Fuels Surat's Multi-Modal Transport Dream

The Indian Railway Finance Corporation (IRFC) has sanctioned a ₹199.70 crore loan to the Surat Integrated Transportation Development Corporation (SITCO) for the development of a multi-modal transport hub in Surat, Gujarat.

The loan agreement was signed on 19 August in New Delhi by SITCO officials Mohit Kumar (Director), Namrata Makharia (Company Secretary), and IRFC’s General Manager (Finance) Ashish Saini.

Envisioned as a key connectivity initiative, the upcoming hub will seamlessly integrate multiple modes of transport, including railways, metro, BRTS, city and regional bus services, auto-rickshaws, and taxis. It will also include upgraded station infrastructure and enhanced passenger amenities to serve Surat’s rapidly growing commuter base.

SITCO, a joint venture between the Ministry of Railways and the Government of Gujarat, is spearheading the project. IRFC stated that the financial support will ensure timely execution, enhance financial sustainability, and reinforce the hub’s long-term viability.

Officials noted that the transport hub is expected to reduce congestion, improve last-mile connectivity, and serve as a model for integrated urban mobility in other high-growth Indian cities.

News by Rahul Yelligetti.