Tajammul GurmaniTuesday, April 10, 2012 - Lahore—Federal government ministry of railways has established Railway Estate Development & Marketing Company (REDAMCO) and named a panel of the board of directors in this regard.
According to a notification issued on the directives of Prime Minister, a company entitled, Railway Estate Development & marketing Company (REDAMCO) has been incorporated. The company would manage and develop the available land bank and non-core revenues of Pakistan Railways.
Directorate of Estate Development & Marketing along with its functions, projects, assets and human resource, stands transformed and merged in to the new company.
Following directors have appointed in the company: Muhammad Arif Azim Chairman, Manak Sher Idrees Tarar, Anjum Pervaiz, Rizwan Ahmed Bhatti CEO, Justice (Retd) Muhammad Raza Khan, Mrs Rukhsana Zuberi and Maqsood Ismail Ahmad.
A senior railways officer said that Directorate of property and land would continue its functions as record custodian at railways headquarters. The Divisional Superintendents would authorize to lease out minor lands, while Estate Company would frame a commercialization policy and sign joint ventures.