Indian Railway Finance Corporation (IRFC) has sanctioned a fresh term loan facility of Rs 2 billion to Surat Integrated Transportation Development Corporation Limited (SITCO) for the development of India’s first Multi-Modal Transport Hub (MMTH) at Surat.

The loan agreement was signed in New Delhi between senior officials of SITCO and IRFC, marking a significant milestone in advancing one of India’s most ambitious transport infrastructure projects.

IRFC, established in 1986 as the dedicated financing arm of the Ministry of Railways, recently attained Navratna status. With a zero-NPA record, it continues to expand as a diversified infrastructure financier, supporting projects with forward and backward linkages to the railways. Its mandate includes financing in power, transmission, mining, coal, warehousing, telecom, catering, metro rail, freight corridors, ports, and logistics.

SITCO—a joint venture between the Ministry of Railways and the Government of Gujarat—is spearheading the project, which will integrate railways, metro, bus rapid transit, city and regional buses, and other modes of urban and regional transport. Passenger facilities and station infrastructure will also be upgraded to international standards.

IRFC’s financial support will strengthen the project’s viability, accelerate execution timelines, and contribute to regional economic growth. The Surat MMTH is expected to significantly enhance connectivity and capacity, furthering India’s transport modernisation and urban mobility goals.