Indian railways attracts Rs 42,000-cr FDI: Govt

Government today said Indian railways has attracted foreign direct investment (FDI) to the tune of Rs 42,000 crore and will soon float tenders for manufacturing rail coaches in the country.

"Indian Railways has been able to attract one of the largest FDIs in terms of placing orders. Two of the top companies, one European and one American, with the contract value as high as Rs 42,000 crore. This is the largest FDI in terms of contract," Railways Minister Suresh Prabhu said.

India needs a stable source of investment and FDI is one of those, he said, adding that the government is also planning to build new dedicated freight corridors that will again attract investment.

He was speaking at the Yes Bank CFO Forum event.

Stating that railways is working towards attracting more investment, the Minister said the government has planned as much as USD 16 billion investment for high speed trains.

The Minister said the government will soon open bids for manufacturing train coaches in India.

Prabhu also said the government has left behind the "legacy issues" of the past government of a decade and is now moving towards increased manufacturing activity and investment.