Indian Railway Finance Corp. has emerged as the lowest bidder for the Banhardih coal block project in Latehar District, Jharkhand.
The Rs 3,167-crore project is undertaken by Patratu Vidyut Utpadan Nigam Ltd.— a joint venture between NTPC Ltd. and Jharkhand Bijli Vitran Nigam Ltd. with a stake holding of 74% and 26%, respectively in the JV, according to an exchange filing on Tuesday.
The Banhardih coal block has been assigned to Patratu Vidyut Utpadan Nigam as a captive coal source.
The coal from this block will be sent to the Chetar Station through mine-gain-rail and then delivered to Patratu Vidyut Utpadan's project site through Indian Railways, the filing said.
On Jan. 2, Indian Railway Finance Corp. signed an agreement with REMC Ltd. to work together on financing renewable energy projects that REMCL will supply to Indian Railways.
REMCL is a joint venture between the Ministry of Railways and Rites Ltd.
The partnership will also look into financing options for thermal, nuclear, and renewable energy projects set up under a captive model through joint ventures with Indian Railways and other organisations.
IRFC Q2 Performance
IRFC's total income grew by 2% to Rs 6,900 crore for the second quarter of fiscal 2025, as compared to Rs 6,762 crore for the same period last year.
It posted a net profit of Rs 1,613 crore, representing 4.4% rise for the quarter ended Sept. 30, 2024, as against Rs 1,545 crore for the year ago period.
Shares of IRFC closed 5.54% higher at Rs 135.55 apiece on the NSE, compared to a 0.39% rise in the benchmark Nifty 50.
The stock has risen 4.19% in the last 12 months. One analyst tracing the company recommends 'sell' for the stock. The average of 12-month analysts' price targets implies a potential downside of 63.1%.
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