India’s Ministry of Railways will start a 100 billion-rupee ($2.2 billion) domestic sale of tax- free bonds by September to help upgrade and expand Asia’s oldest train network. The offering will be divided between a private placement and a later tranche for retail investors, Rajendra Kashyap, managing director of finance arm Indian Railway Finance Corp., said in a June 17 interview in New Delhi. Plans for the money include spending as much as 53 billion rupees on laying additional rail lines, 21 billion rupees for widening tracks and 8.5 billion rupees for electrification, he said. Read More
