LIC to invest Rs.1.50 lakh crore in Railways
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The Life Insurance Corporation of India (LIC) will provide Rs.1.50 lakh crore in the next five years to the Railways for funding projects. The move is in line with Railway Minister Suresh Prabhu’s plan to look for funds outside of budgetary support and tap low-cost long-term funds. The Railways will need Rs.8.50 lakh crore in the next five years for various projects.
“There would be a five-year moratorium on interest and loan repayment, and the rest of the terms would be negotiated while signing the finance assistance agreement,” a press statement said. As per the memorandum of understanding signed between the two parties, the LIC will make available the funds to the Railways and its entities from 2015-16.
According to the latest Railway budget, its total Plan budget is Rs.1 lakh crore for 2015-16.
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