OREANDA-NEWS. Ircon International Limited, a Public Sector Undertaking under the Ministry of Railways, signed an Memorandum of Understanding (MoU) with Transparency International India (TII) for implementing Integrity Pact, here today. This MOU is aimed at maintaining complete transparency, integrity and accountability in all its major contracts and procurement. The MoU was signed by Shri Mohan Tiwari, CMD, IRCON, and Dr. S.K. Agarwal, Chairman, TII in the presence of senior officers of IRCON and TII.

Speaking on the occasion, Shri Agarwal said that the Integrity Pact will not only ensure efficiency, but it also helps in building public trust and enhances the credibility of the organisation. So far, 47 PSUs have signed the Pact, he informed.

Integrity Pact is a tool conceived by the Berlin-based Transparency International to fight corruption in public procurement through a voluntary agreement between a buyer and the prospective vendors/bidders, refraining both sides to exercise any corrupt influence on any aspect of the contract.

In his address, Shri Tiwari said that the company has been voluntarily adopting all the Corporate Governance measures in its endeavour for transparency in public procurement, and implementing Integrity Pact is another step in this direction.