Date of Post : 17 July, 2017
New Delhi: Tata Steel entered into a long term tariff contract (LTTC) with Indian Railways (IR). Railways Minister Suresh Prabhu, senior officials of the Railway Board & the company’s Vice President, Steel Manufacturing, Sudhansu Pathak among others were present at the contract signing ceremony held at the Rail Bhawan.
- It has invested heavily in improving its railway infrastructure & material handling system, claimed Tata Steel which is the first steel company to sign the contract.
- This has helped in reducing detention of railway rakes & bringing down the wagon turnaround time.
- The LTTC has been introduced by Railways to establish long-term contracts with customers with guaranteed incremental revenue for Indian Railways.
- The contract can be for a duration of 3 to 5 years.