Economy, Domestic Economy

Iran to Buy 250KT of Indian Rails

Iran to Buy 250KT of Indian RailsIran to Buy 250KT of Indian Rails

As per the decision of Iran’s Economy Council, India will provide 250,000 tons of the 700,000-ton rails needed by Islamic Republic of Iran Railways, announced the managing director of the organization, Mohsen Pourseyyed-Aqaei, on Saturday, adding that the remaining will be met by the resources of Esfahan Steel Company. “Iran would no longer need to import rails from foreign companies once Esfahan Steel Company starts producing rail,” IRNA quoted him as saying. Earlier, Kheirollah Khademi, deputy head of Construction and Development of Transportation Infrastructures Company affiliated with the Ministry of Roads and Urban Development, had announced ESCO will start producing rails by the end of the current Iranian year (March 19, 2016). State-run Steel Authority of India Limited, also known as SAIL, announced last week that it has bagged an export contract to supply about 100,000 tons of 18-meter rails to Iran.