SAIL Is In Talks With RITES (06-Aug-2010)
Steel Authority of India (SAIL) is in talks with RITES, a subsidiary of Indian Railways, for jointly setting up a railway wagon making factory in West Bengal. For the project, SAIL is expected to provide its surplus land in Kulti near Burnpur, West Bengal. The location of the plant could be near Chittaranjan Locomotive Works. If the factory is established, this would be third wagon manufacturing plant in West Bengal after Braithwate and Burn Standard, which is expected to produce 1,200 railway wagons a year.
SAIL is presently engaged in a feasibility study for the project and the details of the venture including the investment required, equity shareholding pattern and other such points are yet to be decided.
The proposed joint venture with RITES would be a first foray into manufacturing for SAIL. The company already has a monopoly in supplying rails, RITES is of the view that a venture into manufacturing would further strengthen the company's presence in the railway equipment market. Though, this joint venture company would face competition from Titagarh Wagons and Texmaco Industries for supplying wagons to the Indian Railway.
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