LIC invests Rs250 crore in Konkan Railway bonds

In a huge boost for the Konkan Railway Corporation's expansion plans, Life Insurance Corporation (LIC) has subscribed to Rs250 crore worth of KR bonds. It will allow the railway firm to kick-start some projects announced as part of the 25th anniversary celebrations of KRCL.

In a press statement, chairman-managing director of KR Sanjay Gupta said LIC's financial support will go a long way towards assisting in the development of capacity augmentation and passenger-friendly projects.

On the eve of the 25th Foundation Day celebration held on October 15 last year, railway minister Suresh Prabhu had announced these projects — electrification of the Konkan Railway route, construction of new halt stations and passenger terminals, doubling of the Konkan Railway route, additional loop lines and stations for augmentation of section capacity, etc.

KRCL is also expanding its reach by participating in projects meant for port connectivity (Jaigad Port connectivity project) or to provide rail connectivity to the hinterlands (Chiplun-Karad Rail Link).

"The seminal role of LIC as a crucial partner in the development of railways and the KRCL under the visionary leadership of Prabhu cannot be overemphasised," Gupta said.