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Indian Railways signs Rs 2,500 cr pact with SAIL-RITES venture for wagon procurement
New Delhi . Indian Railways today signed an initial pact with rolling stock manufacturer SAIL-RITES Bengal Wagon Industry Ltd (SRBWI) for procurement of high class stainless steel freight wagons at a cost of Rs 2,500 crore over ten years.
The joint venture between steel manufacturer SAIL and rail ministry`s arm RITES was set up in 2011. The company operates a wagon factory at Kulti in West Bengal from where the wagons will be supplied. "The pact includes a commitment for procuring 1,200 new and 300 refurbished wagons every year over a period of ten years," Railway Board`s Member-Mechanical Hemant Kumar said.
Steel secretary Aruna Sundarajan, who was also present on the occasion, said the steel ministry is working on an ambitious plan to ramp up domestic steel making capacity from the current 100 million tonne (MT) to 300 MT over the next few years. The increased steel supply will cater to railways` massive modernization and expansion plan, she said.
The Memorandum of Understanding (MoU) signing ceremony was attended by rail minister Suresh Prabhu, Steel and mines minister Narendra Singh Tomar, SAIL Chairman A K Pujari and RITES Chairman Rajeev Mehrotra. BUsiness Standard
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