IRCONIndian Railway Construction Company
IRCONInfraRed Control
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IRCON managing director Arun Prasada said a state-owned trading firm, MMTC Ltd, had been called on to purchase palm oil products from Malaysian firms in lieu of payment for the railway project.
Each bill of IRCON will be certified in dollars against which MMTC will purchase palm oil products from Malaysian firms and pay back the amount to us," Prasada explained.
Malaysia has awarded us the project, the payment for which will be through palm oil products instead of any cash transaction," said Mr Arun Prasada, managing director of IRCON.
Asked as to why IRCON had decided to enter into such a deal, he said, "It is a win-win situation for all three of us -- Malaysia, IRCON and MMTC.