IRFC Approves Financing for 20 Rakes to NTPC at Rs 700 Crore

New Delhi: The board of directors of Indian Railway Finance Corporation Ltd., or IRFC, has approved the financing of 20 rakes for NTPC Ltd. at a cost of Rs 700 crore. These 20 rakes were procured under the general-purpose wagon investment scheme of the Ministry of Railways, as reported in an exchange filing on Tuesday.

The company also appointed Ajoy Choudhury as the chief risk officer for two years on the recommendation of the RMC Committee. He is a Cost and Works Accountant with 36 years of experience and was endorsed by the RMC Committee. He has worked in NHPC, Power Grid, and REC and retired as Director (Fin) from REC.

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Ajoy Choudhury is a cost and works accountant with 36 years of experience in areas such as framing risk policies, risk information systems, and risk reporting in operations, among others.

IRFC is the financial arm of Indian Railways to raise funds from both domestic and foreign capital markets and help Indian Railways fulfill its extra budget resources.

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