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The Indiana Rail Road Co. (INRD) has announced a $65 million five-year capital spending plan— a record-setting budget aimed at renewing and improving infrastructure, and enhancing efficiency, according to the 500-mile regional.

At the urging of the railroad’s board, the first two years of the plan have been combined in an accelerated 2011 capital program, said INRD President and Chief Executive Officer Tom Hoback in a prepared statement, adding that the record five-year investment reflects projected sharp increases in business levels.

“We will be approaching 20 million gross ton miles annually over the core of our route system, due largely to increased heavy haul business generated by the southern Indiana coal market, as well as growth in our other categories,” he said.

The bulk of 2011 capital spending will be focused on bolstering infrastructure, including three bridge renewals and the replacement of 21 miles of rail with continuous-welded rail, according to INRD. In addition, the regional plans to create 13 miles of Centralized Traffic Control (CTC) territory and build a $2 million locomotive servicing facility for the main classification yard in Jasonville, Ind.