New Delhi, July 14 (IANS) Tata Steel on Friday entered into a long term tariff contract (LTTC) with Indian Railways.
Railways Minister Suresh Prabhu, senior officials of the Railway Board and the company’s Vice President, Steel Manufacturing, Sudhansu Pathak among others were present at the contract signing ceremony held at the Rail Bhawan here.
The steel maker which is the first steel company to sign the contract claimed that it has invested heavily in improving its rail infrastructure and material handling system. This has helped in reducing detention of railway rakes and bringing down the wagon turnaround time.
LTTC has been introduced by Indian Railways to establish long-term contracts with customers with guaranteed incremental revenue for Indian Railways. The contract can be for a duration of 3-5 years.