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India: JSPL Wins Order to Supply 89,042 MT Rails

Jindal Steel and Power Ltd (JSPL) in recent press release reported that, it has bagged a INR 665 crore order from Rail Vikas Nigam Ltd (RVNL) to supply 89,042 MT of rails.

JSPL has won an order from RVNL "to supply 89,042 MT of UIC 60 kg IRS T-12 880 grade 13 meter rails for its upcoming projects. The required rails will be manufactured and supplied from its Raigarh facility, the company said in a regulatory filing.

This is the second big rail order in less than a year, the first-ever rail order to JSPL for supplying close to one lakh MT rails to Indian Railways was completed in April 2019, said in press release.

”It is a privilege to be awarded this contract which reflects the confidence Indian Railways have developed on us based on our recent performance. We are grateful to the RVNL for reposing trust in our capabilities to deliver for the nation. This contract will provide an important foundation for our future rail business" said Naushad Akhter Ansari, Joint Managing Director, JSPL.

RVNL functions as an extended arm of the Ministry of Railways. It is empowered to act as an umbrella special purpose vehicle (SPV) to undertake projects directly or by creating project specific SPVs, according to its website.

Part of the USD 22-billion OP Jindal Group, JSPL has presence in steel, power, mining and infrastructure sectors. JSPL has a capacity to supply over 50,000 MT Rail per month. The company has already supplied Rails to countries like Iran, Bangladesh and a few others.

News No: 4526
Date: 2019/05/14 - 20:09
News Source: SteelMint

India  JSPL  Steel  SPV  Railways 

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