Ircon International signs MoU with Russian Railways subsidiary

Engineering & construction company, Ircon International Limited, announced that it has signed a memorandum of understanding (MoU) with a subsidiary of Russian Railways namely-RZD International LLC, the company informed via an exchange filing made on Thursday after the market hours.

The MoU has been signed to explore opportunities of joint development of railways and other infrastructure projects in Asia, Africa and Latin America. For this purpose, both the companies have agreed to form a joint Indian-Russian working group to implement those projects.

The above-mentioned MoU was signed by Parag Verma, Chief General Manager (Business Development) of Ircon International Ltd and Sergey Stolyarov, Provisional Director-General of RZD International LLC.

Formerly known as Indian Railway Construction Limited, Ircon International Ltd is a ‘Miniratna’ (category-I) public sector enterprise (PSU), specialised in the transport infrastructure and a leading turnkey construction company in the public sector.

At the time of market closing on Friday, the stock of Ircon International Ltd was trading at Rs 86.50, up by 0.76 per cent against its previous close of Rs 85.85. Its 52-week high is Rs 119.76 while, its 52-week low is Rs 58.20 on BSE.