New Delhi [India], October 10 : Indian Railway Finance Corporation (IRFC), a schedule a miniratna public sector enterprise under the Ministry of Railways, has announced the appointment of Manoj Kumar Dubey, a 1993-batch Indian Railway Accounts Service (IRAS) officer, as its Chairman & Managing Director (CMD) and Chief Executive Officer (CEO). Dubey assumed office on Thursday.
Dubey, who previously served as Director (Finance) and Chief Financial Officer of Container Corporation of India (CONCOR), expressed his honor at taking on the leadership of IRFC during what he sees as a defining moment for India's growth.
On this occasion, Dubey said that India is on the cusp of significant economic advancements, and leading one of the nation's iconic public sector enterprises is both a privilege and a responsibility. We want to be in the mainstream of the Viksit Bharat 2047 strategy of Prime Minister Narendra Modi.
He further said that India's rail infrastructure has flourished under the visionary guidance of Prime Minister Modi and the dynamic leadership of Ashwini Vaishnaw, Minister of Railways. The swift launch of Vande Bharat Express, rapid expansion of railway routes, and enhanced capacity and speed of freight trains are clear markers of this success.
In a decade, India has constructed 14,985 km of new railway tracks, surpassing the achievements of developed nations like France. To put it in perspective, between 2004 and 2014, the total track length was just 14,000 km; however, in the past decade alone, this figure has more than doubled, now exceeding 31,000 kilometers. IRFC will continue to play a critical role in sustaining this momentum and strengthening the nation's railway network further, he added.
Reflecting on IRFC's strong position in the market, Dubey said I am proud to join an organization with a net worth of Rs 50,755 crore and the trust of over 51 lakh shareholders -- amongst highest for any company in India. With a market capitalization of over Rupees Two lakh crore, IRFC ranks among top PSUs and companies in the country.
IRFC, established in 1986, mobilizes funds from both domestic and international markets to meet the Extra Budgetary Resources (EBR) needs of Indian Railways. As the new CMD, Dubey brings a wealth of expertise in financial management and strategic operations. During his tenure at CONCOR, he led several transformative initiatives, including high growth of the company and resolving longstanding issues with Indian Railways which led to significant increase in shareholders numbers from 55,000 to around 300,000.
Dubey is an alumnus of Hindu College, University of Delhi, and holds an MBA from IIT-ISM Dhanbad, where he was awarded the Silver Medal for topping his batch. His long-standing service with Indian Railways includes spearheading initiatives such as introduction of e-tendering, e-auction systems and digitization of salary and pension processes during his leadership days in the Divisions of the Railways. His innovative approach earned him the National Award for Outstanding Service from the Minister of Railways in 2011.
In his new role, Dubey aims to further strengthen IRFC's growth trajectory. He said that IRFC is committed to expanding its lending portfolio and exploring co-lending opportunities with infrastructure finance companies. We are working towards becoming a global railway infrastructure funding organization while aligning our efforts with the PM Gati Shakti programme to support India's vision of Aatmanirbhar Bharat.
Dubey's contributions extend beyond finance. He has played an instrumental role in various Public-Private Partnership (PPP) projects, including the establishment of locomotive factories with international partners. He also has extensive experience in tariff structuring and international bidding for mega projects, which have contributed to his reputation as a respected figure in the infrastructure sector.