In continuation of its earlier corporate announcement dated August 30, 2023 intimating that Company has entered into an agreement with East Coast Railway, Bhubaneshwar, Odisha under the GPWIS Scheme to buy and own Railway Wagons to get rid of wagons shortfall with lndian Railways. Out of two railway rakes (a collection of wagons pulled by an engine) purchased by the Company in pursuance of the above agreement, one railway rake has been delivered in the month of August,2023 and is now functional. Further, in this regard, Gallantt Ispat has informed that the second railway rake, which is ready to operate, has been delivered to the Company/Railways for the purpose of loading of raw materials required for its manufacturing units such as coal, iron ore, fines, etc. Further, it has reiterated that owning two railway rakes had cost the Company Rs 55 crores (approx) but having own rakes would assure that raw materials are dispatched timely, hassle free and cost effectively. As intimated in its earlier announcements, under the GPWIS Scheme Indian Railways offer 10% rebate on railway freight rate for 15 years and as such, Company altogether would be able to save 25% on the freight cost (10% rebate plus 15% on premium indent). Colour photographs of Railway Rakes are attached.
The above information is a part of company’s filings submitted to BSE.
| Company Name | CMP |
|---|---|
| Tata Steel | 140.25 |
| JSW Steel | 943.90 |
| SAIL | 110.60 |
| Jindal Stainless | 655.50 |
| Jindal Saw | 300.05 |
| View more.. | |
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