New Delhi: The Indian Railways will set up a Rs.500 million institute in the capital to train students in railway management.

"The institute, which will be called the International Railway Strategic Management Institute (IRSMI), will be set up in collaboration with the International Union of Railways (UIC) in the Chanakyapuri area", a railways ministry spokesperson said.

It will be fully operational by the end of 2010.

The official said that apart from the full-time MBA programme, there will be various short-term and long-term courses designed in consultation with leading global business schools including the UIC.

The course structure and the fee structure have not yet been finalised, the official said.

The training facility would be extended to all railway staff in UIC's member countries.

The ministry has not yet projected investment cost for the whole project but according to the official, it will be to the tune of about Rs.500 million. IANS