The proposed East–West Dedicated Freight Corridor (EWDFC) could be developed under the Hybrid Annuity Model (HAM), marking a significant shift in the financing approach for India’s future freight rail infrastructure projects. The proposal was discussed at a high-level conference organised by the Dedicated Freight Corridor Corporation of India Limited (DFCCIL) in New Delhi.
According to an official statement issued on Wednesday, the deliberations focused on the financing framework, construction strategy, stakeholder participation, and implementation roadmap for the 2,316-km corridor under the HAM model.
The proposed EWDFC, announced in the Union Budget 2026–27, will connect Surat in Gujarat with Dankuni in West Bengal, creating a strategic freight corridor linking western industrial hubs with eastern logistics gateways.
Unlike the existing Eastern and Western Dedicated Freight Corridors, which were constructed under the Engineering, Procurement and Construction (EPC) model, the new corridor is being evaluated for implementation through the Hybrid Annuity Model. A previous attempt to develop a section of the Eastern Dedicated Freight Corridor through a Public-Private Partnership (PPP) model had not materialised.
The conference witnessed participation from a broad spectrum of financial institutions, infrastructure investors, advisory firms, construction companies and logistics stakeholders, reflecting strong market interest in the ambitious project.
Among the key participants were the National Investment and Infrastructure Fund (NIIF), CDPQ India, Morgan Stanley Investment Management, EY, PwC, Siemens Financial Services, ICRA, CARE Ratings, CRISIL, India Ratings & Research, Japan International Cooperation Agency (JICA), World Bank, MUFG Bank, along with major public and private sector banks including State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Bank of Baroda, Canara Bank, Union Bank of India, UCO Bank, Indian Overseas Bank and several others.
Infrastructure financing institutions such as Indian Railway Finance Corporation (IRFC), Indian Infrastructure Finance Company Limited (IIFCL), Power Finance Corporation (PFC), REC Limited, HUDCO, National Bank for Financing Infrastructure and Development (NaBFID), International Finance Corporation (IFC) and the New Development Bank (NDB) also attended the conference.
Leading infrastructure developers including Larsen & Toubro (L&T), Afcons Infrastructure, Tata Projects, IRCON International, Rail Vikas Nigam Limited (RVNL), RITES, G R Infraprojects, Ashoka Buildcon, Megha Engineering & Infrastructures (MEIL), Hindustan Construction Company (HCC), Kalpataru Projects International, KEC International, GPT Infraprojects, DRA Infracon (DRAIPL), GMR Group and Hindalco Industries participated in the discussions.
Representatives from the logistics and freight sector, including Container Corporation of India (CONCOR), Adani Road Transport Ltd. and DP World, also took part in the deliberations.
DFCCIL stated that the strong participation from investors, lenders, developers and logistics companies underscores growing confidence in the implementation of the East–West Dedicated Freight Corridor, which is expected to strengthen India’s freight transportation network, improve logistics efficiency and support long-term economic growth.
