The Highways Ministry, whose call for rate tenders for cement helped it discover producers willing to offer a cheaper price, will now invite such tenders from steel producers, too, Road Transport and Highways Minister Nitin Gadkari told BusinessLine on the sidelines of an event.
The Ministry will ask cement companies to submit rates for three years. “This time, the rates quoted by them were applicable for one year. We will now ask cement firms to quote rates for three years,” Gadkari added.
The move is expected to help contractors freeze costs. Against a total of 95 lakh tonnes of cement that was on offer, some five lakh tonnes have been procured by contractors till date.