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Indian Railways on new hi-tech track to boost revenue
NEW DELHI. July 9: Hard up Indian Railways Is cashing in on its biggest asset — the world's second largest rail network — by building an optical fiber backbone and even selling off trackside plots to vegetable farmers, says AFP.
"Passenger fares can't be touched so that rules out a revenue windfall. We have to come up with other innovative Ideas to generate funds." said Indian Railways finance commissioner PAV Vasudevan.
The railway had Its annual budget hiked 23 per cent to 1 10 billion rupees (2.5 billion dollars) for the fiscal year to March 2001. and the government's contribution was raised by 40 per cent to 35 billion rupees.
But Railway Minister Ma-mata Banerjee told parliament she would have to borrow close to 36 billion rupees more to make up for shortfalls.
To get on (he right track. Banerjee recently announced ambitious plans for a 20-bll-lion-rupee broadband telecom and multimedia network.
Indian Railways plans to
use Its right of way over 63.000 kilometers (39,060 miles) to lay optic fibre cables along railway tracks," said Vasudevan.
These high-speed lines will be leased out to Internet service providers, and businesses for the transmission of data and multimedia content.
In the first phase of the project. the four major cities of Hyderabad. Bangalore. Pune and Ahmedabad will be linked by an 8,000-kilometer (4.960 miles) optic fibre network.
The state-run railway has already laid cables across 2.000 kilometers (1.240 miles) and hopes to complete the job in 18 months.
“We are adding 150 kilometers (93 miles) of cable every month to the existing network. We are targeting the IT hubs of Bangalore. Hyderabad. Bombay and Delhi." Syed Ashsaq Amjad Zaidi, who Is looking after the project, told AFP.
Zaidi said companies would pay rental fees to (he railway lor using the optic fibre network
"We expect to give the rail-
ways enough money to expand the network. This year, we expect to contribute five billion rupees to (he railways. Our earnings will treble with the completion of the network," Zaidi added.
He said the project would be implemented through a corporation with seed capital of 500 million rupees.
"The corporation will raise funds through an Initial public offering (IPO) and loans.' said Zaidi.
"We are still in the process of selecting a management consultant to develop a business plan and help us market the broadband backbone."
US business consulting firm McKinsey, accounting and consulting agency Pricewaterhouse Coopers and Arthur Anderson are among 23 consultants which have already made presentations to Indian Railways.
A somewhat less ambitious revenue-earning plan will Involve leasing land alongside railway tracks to farmers to grow vegetables and fruits.
"Tills may be a small revenue stream but It will stop peo-
ple from squatting on a railway land," said one railway official.
"We are also planning to lease land to private builders to construct shops and commercial complexes."
The railway plans to allow private companies to grow teak and eucalyptus trees on 50-acre (20 hectare) plots on its real estate.
"If the plantation idea takes off we may earn anything in the range of five to 7.5 billion ru-Kees from It by the end of this seal year," said the official.
The railway has also hired the Housing and Urban Development Corp (Hudco) to develop and market commercial complexes al its sprawling New Delhi and Calcutta railway stations.
“We own prime real estate in most towns and cities in India. We have to exploit this to get us out of the financial doldrums," said the official.
India's antiquated railway network carries 13 million people along a network Unking 7,000 stations every day.