37251
Suspense Looms Over Indian Rail Supply
Economy, Business And Markets

Suspense Looms Over Indian Rail Supply

Suspense prevailed over the reports that the Indian steel and energy company, Jindal Steel and Power Limited, had bagged a portion of order to supply rails to Iran for a major railroad expansion plan.
The order to supply 300,000 tons of rail to Iran was bagged by India’s state-owned Steel Authority of India Limited in 2013. The Iranian authorities had demanded 18 meters of rail that SAIL was in fact not manufacturing. Its only entity manufacturing rails, Bhilai Steel Plant, had imported the required equipment but it could not be installed because of some technical reasons, according to Indian newspaper Business Standard.
Reports circulating in the market said JSPL had managed to get a part of the order awarded to SAIL. Following the delay on the part of SAIL, half of the order, which amounted to 150,000 tons, had been given to JSPL, the report added. SAIL is however concentrating on the Indian Railway orders as it is the sole supplier.
JSPL had neither denied nor confirmed the reports. The company spokesperson refused to respond to an email sent to know the status of the report, as JSPL had been exercising to get the order.
Meanwhile, a senior official of the SAIL following the development told Business Standard that there was nothing on paper.
“We had cross-checked with the authorities concerned and they had denied that JSPL had been awarded the contract to supply,” the official said. As of now, JSPL had nothing in writing to supply rails to Iran.

Short URL : https://goo.gl/kH9f4v
  1. https://goo.gl/h9vUfk
  • https://goo.gl/1ORUSL
  • https://goo.gl/gpimcI
  • https://goo.gl/kv3no1
  • https://goo.gl/j2sqrv

You can also read ...

Italy's Ansaldo Set to Produce Power From Iran's South Pars Gas Flares
Italy's Ansaldo Energia signed a memorandum of understanding...
Dairy Exports to Hit $1b
Iran is one of the top milk producers and has ambitious plans...
Fate of Cryptocurrency in Iran Hangs in Balance
Virtual currencies are slowly but steadily gaining traction...
84% Rise in Rice Imports
More than 1.05 million tons of semi and wholly milled rice...
IRISL Returns to the Fold of Int’l Shipping Giants
The Islamic Republic of Iran Shipping Lines plans to replace...
Iran Insurance Growth at 20%
The collective figure of Iranian insurance companies’ premiums...
Iranian Mission to Visit Austria
An Iranian delegation is scheduled to visit Austria from...
Money and Credit Council Approves Liquidity Risk Management Rules
Money and Credit Council, a top financial decision-making body...

Trending

Googleplus