SAIL, RINL can now charter ships to import coal
State-run SAIL and Rashtriya Ispat Nigam can now charter ships to import coal requirement for their respective production facilities. This development will help them reduce import cost significantly.
State-owned Steel Authority of India (SAIL) can now directly charter ships to import coking coal to meet shortfall at its production facilities, reports CNBC-TV18.
The firm is now out of the ambit of TRANSCHART, a central government body which charted raw material for public undertakings after the union cabinet chaired by Prime Minister Manmohan Singh allowed the firm to have better control of logistics hereon.SAIL is in the process of expanding production to over 26 million tonne per annum from the current around 15 MT and fuel shortage at iIts plants at Bhilai, Bokaro, Durgapur, Rourkela and IISCO Burnpur needed immediate attention. Read This:Go long in SAIL, resistance at Rs 65-66: Siddharth BhamreAccording to press information bureau (PIB), along with SAIL even Rashtriya Ispat Nigam Limited (RINL) can import coal to meet its requirement. SAIL and RINL at present import around 14-15 million tonne of coking coal annually. “The benefits of flexibilities flowing through direct chartering of operations would bring in a comprehensive logistic solution along with financial benefits to public firms,” said a statement posted on PIB website. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
