Home ECONOMY CONCOR picks up 26% stake in Angul-Sukinda Rly Ltd project in Odisha

CONCOR picks up 26% stake in Angul-Sukinda Rly Ltd project in Odisha

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Odisha Sun Times Bureau
Bhubaneswar, Nov 7:

In a significant development for the expansion of railway infrastructure in Odisha, the Container Corporation of India Ltd. (CONCOR), the country’s largest logistics services provider, has picked up 26% stake in Angul-Sukinda Railway Ltd (ASRL), a special purpose vehicle (SPV) formed to implement the key rail link project.

CONCORCONCOR’s chairman and managing director Anil Kumar Gupta handed over the consent letter for the release of Rs 100 crore out of the Navaratna PSU’s total equity amount of Rs 156 crore to Dilip Kumar Samantaray, managing director of ASRL in New Delhi on November 3, according to a CONCOR press release issued today.

Angul-Sukinda new Rail Line is being constructed under Public Private Partnership (PPP) model for providing a vital alternative rail link to the Angul based steel plants with the Keonjhar-Bansapani iron-ore belt and Talcher coalfield to Kalinga Nagar industrial belt.

Besides CONCOR, Rail Vikas Nigam Ltd, Odisha Government, Odisha Mining Corporation, JSPL and IDCO are the other stake holders of this Joint-Venture Company.

CONCOR is also developing two Multi Modal Logistic Parks (MMLPs) at Parjang and Duburi Stations of this new rail line for expanding container traffic in the state. Odisha chief secretary G C Pati on behalf of the state government has also assured of all possible assistance in the land acquisition process for these two depots of CONCOR, the release added.

ASRL authorities have stated that after the current agricultural cultivation season is over, work for the new rail-line will commence in full-swing as the state government has arranged the required entire private and government land for the project. It is expected that this new rail line will be completed by June-2018, the release said.