Railways’ PSU ‘RITES’ Signs Joint Venture Agreement with ‘SAIL’ for a Wagon Factory at Kulti - ALLCGNEWS

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14 September 2010

Home RAILWAY Railways’ PSU ‘RITES’ Signs Joint Venture Agreement with ‘SAIL’ for a Wagon Factory at Kulti

Railways’ PSU ‘RITES’ Signs Joint Venture Agreement with ‘SAIL’ for a Wagon Factory at Kulti


   The Public Sector Undertaking of Ministry of Railways namely M/s. RITES Limited is signing a joint venture agreement tomorrow with the Public Sector Undertaking of Ministry of Steel namely Steel Authority of India Limited (SAIL) for setting up a wagon manufacturing factory at Kulti near Asansol in Bardhaman district of West Bengal.

    The joint venture agreement will be signed at a programme in Udyog Bhawan, New Delhi in the presence of Union Minister of Steel, Shri Virbhadra Singh. Chairman, Railway Board, Shri Vivek Sahai, Member Mechanical, Railway Board, Shri Sanjiv Handa and senior officials of Ministry of Railways and Ministry of Steel will be among those present on this occasion. The signatories to the agreement would be Managing Director, RITES, Shri V. K. Aggarwal and Director (Finance), SAIL, Shri Soilesh Bhattacharya.

    The proposed joint venture Wagon Manufacturing Factory would be equipped to handle 1500 wagons per annum (manufacture of 1200 wagons and rehabilitation of 300 wagons). The factory can manufacture BOXN type wagons including specialized high end wagons. It can also undertake manufacturing modern Stainless Steel wagons with marginal investment in plant and machinery. The project cost is envisaged to be around Rs. 85 crores in Phase-I going upto Rs. 120 crore in Phase-II.

AKS/HK/LK/TR
 
Source - PIB
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