New Delhi: Indian Railways Saturday announced it will invest around Rs.300 billion (Rs.30,000 crore/$6.6 billion) to upgrade its infrastructure as well as boost the economy.

The upgradation plan includes renewal of 2,941 km railway tracks that will require about 339,228 tonnes of steel and renewal of sleeper sheets along 2,382 km of railway lines.

The state-run enterprise said in a statement that the investment would shore up its infrastructural development and upkeep, and also "go a long way in boosting the Indian economy".

The railways, which have manufactured 3,000 coaches this year, an increase of about 12.5 percent over last year, said work was in progress for developing 300 railway stations into model stations.

It is also developing 23 world class stations, for which construction work on four has already started.

The statement added that railways would set up a 1,000-MW thermal power plant as part of a joint venture deal with National Thermal Power Corp (NTPC) at Nabi Nagar, Bihar at a combined cost of about $1.19 billion (Rs.5,352 crore)

The ministry of railways has increased its target of electrification of railway lines to 3,500 km as part of the 11th Five Year plan, it added.

The electrification target for the current year has been increased from 700 km to 1,000 km, while it has set a target of 1,200 km for next year.

 

Source : IANS