Indian Railway Finance Corporation Ltd. (IRFC) has signed a strategic tripartite Memorandum of Understanding (MoU) with V.O. Chidambaranar Port Authority (VOCPA) and Sagarmala Finance Corporation Limited (SMFC) to jointly support financing for large-scale port-led and multimodal infrastructure projects in the country.
The MoU was signed at Transport Bhawan, New Delhi, by IRFC Chairman and Managing Director Shri Manoj Kumar Dubey, VOCPA Chairperson Shri Susanta Kumar Purohit, and SMFC Managing Director Shri L.V.S. Sudhakar Babu, in the presence of Union Minister for Railways, Communications and Electronics & IT Shri Ashwini Vaishnaw; Union Minister for Ports, Shipping and Waterways Shri Sarbananda Sonowal; and Minister of State for Ports, Shipping and Waterways Shri Shantanu Thakur.
Under the agreement, the three organisations will jointly explore structured financing mechanisms for the development of the Outer Harbour Project at V.O. Chidambaranar Port, Tuticorin, along with other port-led development initiatives and multimodal connectivity projects. The collaboration aligns with the Government of India’s Sagarmala Programme and the PM Gati Shakti National Master Plan, which aim to enhance integrated transport infrastructure and improve logistics efficiency across the country.
Commenting on the development, IRFC CMD Shri Manoj Kumar Dubey said that the MoU reflects IRFC’s strategic transition towards becoming a diversified national infrastructure financing institution, while continuing to keep Indian Railways at the core of the country’s freight and logistics ecosystem. He emphasised that integrated financing across railways, ports, logistics corridors and multimodal networks is essential to support India’s growing trade volumes and economic expansion.
The partnership brings together IRFC’s robust capital market access and long-tenor financing capabilities, SMFC’s specialised expertise in maritime infrastructure financing, and VOCPA’s ongoing port expansion and connectivity development programme. VOCPA, one of India’s major ports, is undertaking significant capacity augmentation and infrastructure upgrades to cater to rising cargo demand, EXIM trade and coastal shipping.
SMFC continues to play a catalytic role in mobilising and facilitating funding for maritime sector projects, supporting the Government’s vision of port-led development. The tripartite MoU underscores IRFC’s evolving role as a key enabler of India’s integrated transport infrastructure ecosystem and reinforces its commitment to supporting sustainable infrastructure development and long-term national growth objectives.
