Ircon International Announces Leadership Change Amid IRSDC Closure Decision
The closure of IRSDC reflects the Ministry of Railway's intent to consolidate and optimise railway station development efforts.
Ircon International Ltd. announced the appointment of Shri Hari Mohan Gupta as its new Chief Executive Officer and Key Managerial Personnel, effective July 1, 2024, in an exchange filing after its recent board meeting.
Simultaneously, the Ministry of Railways has taken an 'in principle' decision to close the Indian Railway Stations Development Corporation Limited, a joint venture company in which Ircon holds a significant 26% equity stake.
As per directives from the Ministry of Railways, procedural formalities are underway to transfer IRSDC's assets, projects, and responsibilities to other entities under its purview, namely Zonal Railways and the Rail Land Development Authority.
The closure of IRSDC reflects the Ministry's intent to consolidate and optimise railway station development efforts.
Shares of Ircon International closed 3.29% lower at Rs 313.15 apiece on the NSE, compared to a 0.76% advance in the benchmark NSE Nifty 50.
