Rites seeks new financing to expand Africa’s access to Indian locomotives

Rites Ltd is seeking new financing structures to support African nations in acquiring Indian-made locomotives with the state-run exporter in talks with local lenders and Export-Import (Exim) Bank to create a funding consortium for markets interested in retrofitted diesel engines.

The Railway navratna has recently started exploring overseas markets for India’s existing diesel locomotives after modifying them.

“There are about 12 countries in Africa which are in cape gauge (also called narrow gauge), but they have funding issues,” Rahul Mithal, chairman and managing director told ET.