LIC to hand over Rs 2,000 cr cheque to Railways today

October 27, 2015 08:12

Life Insurance Corporation will today hand over a cheque of Rs 2,000 crore to the Indian Railway Finance Corporation, the first tranche of its financial assistance, for investment in capacity augmentation projects.

Railways had signed an MoU with LIC in March this year for financial assistance of Rs 1.5 lakh crore over the next five years for implementing railway projects.

IRFC will issue bonds to be subscribed by LIC for the purpose, said a senior Railway Ministry official.

Though the financial assistance is available from the current fiscal, there would be a five-year moratorium on interest and loan repayment.

The official said that Rs 2,000 crore LIC fund will be utilised for laying new lines to decongest busiest rail corridors.

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