Indian Railways to seek funds from the World Bank

Indian Railways is expected to seek funds to the tune of Rs 33.47 billion ($500 million) from the World Bank for undertaking the redevelopment of important railway stations in the country. A proposal for this, with a moratorium of seven years, is currently under way. Besides, IR is also in discussions with some foreign companies to benefit from their expertise in developing stations. Moreover, IR is in talks with the German and South Korean governments for redeveloping some stations while exploring the possibility of involving the latter in redeveloping the New Delhi station as a world-class one. French state-owned railway company SNCF has already been assigned the Ambala and Ludhiana railway stations for redevelopment.