Indian Railway Finance Corporation (IRFC), a financial institution under the Ministry of Railways, is expanding its funding beyond Indian Railways to public and private infrastructure projects with strong ties to the railway sector. The state-owned non-bank financial institution (NBFC) has recently gained the prestigious Navratna status. It is now eyeing sectors like power generation, transmission, mining, coal, fuel, warehousing, telecom, and hospitality, sectors directly linked to railways.

IRFC is also considering funding rolling stock requirements for railway customers, container train operators, Metro Rail projects, and port rail connectivity, as well as PPP projects sanctioned by Indian Railways, according to Manoj Kumar Dubey, the company's CEO and CMD. So far this quarter, IRFC has secured three orders worth Rs 115 billion for NTPC projects, marking its first major funding outside Indian Railways.