CIL may join Ircon-Rites in rail project

As part of its product evacuation plan from Mozambique, Coal India is considering a proposal to join the Ircon International and Rites-led consortium constructing and rehabilitating the civil war ravaged rail system in Mozambique. Both Rites and Ircon are subsidiaries of Indian Railways.

According to sources, the Rites-Ircon have recently approached CIL to pick up participatory stake in the Beira Railroad Company engaged in rehabilitating, operating and upgrade 850 km long rail line in central Mozambique, including Beira Port, to carry 12 million tonnes of coal annually at an estimated cost of $440 million.

The Rites-Ircon duo holds 51 per cent controlling stake in the consortium.

Confirming the development, a senior CIL official told Business Line that the rail system would be of immense importance for evacuation of coal from Mozambique to India.

The official, however, stressed that a decision in this regard was still awaited. Efforts to secure comments from Ircon in this regard, remained unsuccessful.

http://www.thehindubusinessline.com/2009/03/07/stories/2009030751090300.htm

Published in: on March 10, 2009 at 4:26 pm  Leave a Comment  
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