|Railways sign Rs 40000 cr deal for locomotive plants in Bihar with GE, Alstom|
Indian Railways has signed 40,000 crore rupees contracts with GE and Alstom to set up two locomotive plants in Bihar. First venture the electric locomotive factory will be set up at Madhepura and diesel locomotive will be established at Marhowrah.
In a formal contract signing ceremony in New Delhi yesterday, Finance Minister Arun Jaitley said it as the first major manufacturing investment in Bihar. He said the setting up of diesel and electric locomotive factories will boost manufacturing and employment in the state.
Mr. Jaitely also said investment by the two private companies will help Railways and Bihar and it defines good days for Make In India.
Speaking at the occasion Railway Minister Suresh Prabhu said locomotive factories in Bihar will help in boosting manufacturing activities in the country that will contribute to the overall economic growth.
This is the first big Foreign Direct Investment, FDI in the railway sector after last year government had relaxed FDI norms in the railway sector.