SAIL and IRCON join hands to cooperate in rail infrastructure projects
merisarkar news service
New Delhi, January 15, 2011
will extend all cooperation: CS Verma
Maharatna Public Sector Company - Steel Authority of India Limited (SAIL) on Saturday signed a memorandum of understanding (MoU) with IRCON International Limited, a PSU under the Ministry of Railways, for jointly working on rail infrastructure projects both in India and abroad.
The MoU was signed by the Directors (Finance) of SAIL and IRCON in the presence of SAIL Chairman C. S. Verma, IRCON MD Mohan Tiwari, and Directors and senior executives of both companies.
IRCON, which has expertise in development of surface transportation infrastructure, has handled around 300 projects in India and abroad and is presently setting up rail infrastructure in a number of developing countries. SAIL is the major Indian producer and supplier of railway materials.
The MoU is the first step by SAIL and IRCON towards joining hands for efficient execution of public-public and public-private partnership projects of the Indian Railways, as well as participating in rail infrastructure projects in developing countries where presently there is no infrastructure for evacuation of raw materials.
Speaking on the occasion, Verma welcomed the partnership and assured all cooperation.
On his part, Mohan Tiwari said that he looked forward to the synergies envisaged between the two companies in the MoU translating into a joint venture/special purpose vehicle in the near future. He added that IRCON has already identified a number of projects in which SAIL and IRCON can participate jointly.
