Indian Railway Finance Corporation (IRFC) has sanctioned a new term loan of ₹199.70 crore to Surat Integrated Transportation Development Corporation Limited (SITCO) to support the development of the Surat Multi-Modal Transport Hub (MMTH)—India’s first of its kind to be built to international standards.
The loan agreement was formally signed at SITCO’s New Delhi office by Mohit Kumar (Director, SITCO), Namrata Makharia (Company Secretary, SITCO), and Ashish Saini (General Manager Finance, IRFC), in the presence of senior officials from both organizations. Established in 1986 as the dedicated financing institution for the Ministry of Railways, IRFC has been a key player in securing funding for India’s expanding rail network.
With its recent recognition as a Navratna company, IRFC is broadening its role as a comprehensive infrastructure financier within the railway sector. This includes funding projects connected to rail operations, such as energy, mining, logistics, warehousing, metro systems, and transport hubs.
The Surat MMTH is being developed by SITCO, a joint venture between the Ministry of Railways and the Government of Gujarat. The project aims to unify multiple modes of public and private transport—railways, metro, BRTS, city and regional buses, auto-rickshaws, and taxis—under a single, integrated infrastructure. It also includes major upgrades to passenger services and station facilities.
The loan from IRFC will be used to fund specific infrastructure components of the transport hub. This support strengthens the project’s financial structure and helps ensure its timely completion. The Surat MMTH is expected to significantly improve connectivity in the region, ease urban traffic, and contribute to economic activity in the surrounding areas.
Chairman and Managing Director of IRFC commented on the partnership, stating “IRFC’s role as a financing arm for railway-linked projects enables us to support critical infrastructure like the Surat MMTH. This project highlights our continued effort to provide cost-effective funding solutions that enhance India’s transport network, support regional development, and align with the broader goal of nation-building.”
