Maharatna Steel Authority of India Limited (SAIL) today signed a memorandum of understanding (MoU) with IRCON International Limited, a PSU under the Ministry of Railways, for jointly working on rail infrastructure projects both in India and abroad. The MoU was signed by the Directors (Finance) of SAIL and IRCON in the presence of SAIL Chairman Mr. C.S. Verma, IRCON MD Mr. Mohan Tiwari, and Directors and senior executives of both companies.
IRCON, which has expertise in development of surface transportation infrastructure, has handled around 300 projects in India and abroad and is presently setting up rail infrastructure in a number of developing countries. SAIL is the major Indian producer and supplier of railway materials. The MoU is the first step by SAIL and IRCON towards joining hands for efficient execution of public-public and public-private partnership projects of the Indian Railways, as well as participating in rail infrastructure projects in developing countries where presently there is no infrastructure for evacuation of raw materials.
Speaking on the occasion, Mr. Verma welcomed the partnership and assured all cooperation. On his part, Mr. Tiwari said that he looked forward to the synergies envisaged between the two companies in the MoU translating into a joint venture/special purpose vehicle in the near future. He added that IRCON has already identified a number of projects in which SAIL and IRCON can participate jointly.
SAIL signs MoU with IRCON for cooperation in rail infrastructure projects
SAIL Director (Finance) Mr. Soiles Bhattacharya (left) exchanging copies of the MoU with IRCON Director (Finance) Mr. K.K. Garg as SAIL Chairman Mr. C.S. Verma (centre) and IRCON MD Mr. Mohan Tiwari look on.
