March 14, 2012 / 7:22 AM / in 6 years

Indian railways plans to borrow $3 bln in 2012/13

NEW DELHI (Reuters) - India’s railway ministry plans to borrow 150 billion rupees from the market through the Indian Railway Finance Corporation (IRFC) in the 2012/13 fiscal year, Railway Minister Dinesh Trivedi said on Wednesday.

Passengers offer prayers before boarding a train at a railway station in New Delhi March 13, 2012. REUTERS/Adnan Abidi/Files

Speaking as he unveiled the ministry’s budget to parliament, he also said India planned to invest $147 billion in the railways during the next five-year plan period that runs from 2012 to 2017.

Reporting by Matthias Williams and Manoj Kumar; editing by Malini Menon

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