Team News Riveting
Ranchi, December 16
Tata Steel Limited (TSL) has on December 15, 2021, executed a long-term agreement with Angul Sukinda Railway Limited (ASRL) for the construction, operation and maintenance of an alternate railway line.
The agreement is for a period of 20 years to meet the logistic requirements of TSL’s Kalinganagar Steel Plant. TSL will be funding the entire expenditure of Rs 400 crore (in a phased manner) for construction of the Additional Rail Line by subscribing to 40,00,00,000 (Forty-crore) non-convertible, non-cumulative, redeemable preference shares of face value Rs 10/- (Rupees ten) each (‘RPS’) of ASRL, the company said.
ASRL is a public limited company incorporated on February 20, 2009 as a special purpose vehicle by the Ministry of Railways, for developing, financing, construction, operation and maintenance of a 104.24 km broad gauge single railway line between Angul and Sukinda in Odisha to establish direct link between (1) iron-ore rich areas of Odisha viz. Joda-Barbil to steel and sponge iron industries in Angul region and (2) between coal mining region in Talcher to industries in Jakhapura, Joda-Barbil and areas in Kendujhar district, Odisha.
Turnover of ASRL as on March 31, 2021 is Rs 539.62 crore.
