Lalu to lay foundation stone of Railway Management Institute

New Delhi, Mar 21 (UNI) In pursuit of making India the global hub for international railway managers, Railway Minister Lalu Prasad will lay the foundation stone of an International Railway Strategic Management Institute (IRSMI) here tomorrow.

The setting up of the IRSMI, the first of its kind institute anywhere in the world, was announced by Mr Prasad during the presentation of his Railway Budget, 2007-08 in Parliament.

Announcing this here today, Railway Board Chairman J P Batra said the institute would provide international training facilities in cooperation with top business schools across the globe to railway professionals.

Mr Batra said IRSMI, to be set up under the aegis of the Paris-based UIS (International Union of Railways), would prepare international railway managers to meet the future challenges in rail operations, including global rail operation through identified corridors.

The institute is to be made fully operational by 2010 with an independent infrastructure.

Initial seed capital for the institute has been contributed by India, South Africa and Saudi Arabia with a contribution of 2.5 million euros each. In addition, Indian Railways have agreed to incur Rs 22 crore on the setting up of its infrastructure.

Mr Batra, the first non-European Chairman of UIS, said this would be the first such institute to be set up under the aegis of UIC anywhere in the world.

''Greatly impressed by the idea, Iranian Railways and Korean Railways have also decided to set up a similar institute within their country,'' he said.

The first course of Senior Managers was conducted in May 2005 with a three-week module in Paris and Vadodara. Till now, two such courses have been organised in support with HEC, Paris.

UNI