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SAIL signs pact for rail SPV in Orissa
Special Correspondent
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Port connectivity to be established
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KOLKATA:
Steel Authority of India Ltd (SAIL) has signed an agreement for the Haridaspur-Paradip new rail line SPV (special purpose vehicle) of the Indian Railways. This has been done as part of SAIL's ongoing effort to tie-up infrastructure requirements for supporting its growth programme now under implementation. The growth plan envisages SAIL attaining a production capacity of 22 million tonnes by 2010.
The agreement was signed on Wednesday in the presence of Naveen Patnaik, Chief Minister of Orissa, in Bhubaneswar.
SAIL will contribute Rs. 5 crore as equity partner in the Indian Railways' SPV for providing port connectivity and developing freight corridor as part of the public-private partnership initiative by the Central Government.
The new rail line, connecting Haridaspur and Paradip, to be set up in Orissa by the Indian Railways, will help SAIL to cut down time and freight cost for transporting imported coking coal from Paradip to its plants in Bokaro, Durgapur and Burnpur.
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