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The Ministry of Railways has granted in-principle approval for the closure of Bastar Railway Private Limited (BRPL), a joint venture company in which IRCON holds a 26 per cent share.
This involves the transfer of assets and liabilities to the Ministry of Railways. The legal formalities, pricing, and related processes are currently under way.
BRPL is in the construction stage and has not yet generated revenue. IRCON reported a ₹25 lakh loss in FY 2022-23. The estimated time of closure is still under process. The Ministry of Railways’ interest in taking over the project is cited as the reason for this closure.
Shares went up by 8.60 per cent to ₹108.27 at 12.26 pm on BSE.
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