New Delhi, Sep 14 (IANS) State-run Steel Authority of India Limited (SAIL) Tuesday said it has signed a joint venture agreement with RITES, a subsidiary of the Indian Railways, to set up of a wagon manufacturing unit in West Bengal.
‘The project cost is estimated at Rs.85 crore. The unit will be erected in the premises of SAIL growth works division at Kulti, West Bengal,’ the company said in a statement.
The plant is expected to be commissioned within 14 months from the date of the formation of the JV company.
‘Steel from SAIL will be supplied to the JVC at prevalent market rates, the JVC will procure other items at market determined prices through tenders,’ the statement added.
Once completed, the plant will have a annual manufacturing capacity of 1500 wagons.
