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Corporate
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Alliances & Joint Ventures
Logistics
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Railways
SAIL signs pact with Rail Vikas
New Delhi, Dec. 19
Steel Authority of India Ltd (SAIL) has signed a traffic
guarantee agreement with Rail Vikas Nigam Ltd
(RVNL) under the Ministry of Railways, for
transportation of 5 lakh tonnes of imported coking coal
per year using the Paradip-Haridaspur railway line. SAIL
also handed over a cheque for Rs 2.5 crore as its equity
contribution in
Haridaspur-Paradip
Railway Company
Ltd, which has been
formed by RVNL as a
special purpose
vehicle (SPV) for
development of an
82-km railway line in
Orissa to connect
Paradip port with the
hinterland. "By
becoming a strategic investor in the company, SAIL is
ensuring availability of required number of rakes from
the Indian Railways for movement of imported coking
coal to meet its increased production targets of 2010. The
company will also enjoy reduced freight rates for some
destinations," a release from SAIL said. - Our Bureau
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