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.