Home » National » Tata Steel became the first steel company to enter into a Long Term Tariff contract with Indian Railways

Tata Steel became the first steel company to enter into a Long Term Tariff contract with Indian Railways

New Delhi14/7/17: Tata Steel became the first steel company to enter into a Long Term Tariff contract (LTTC) with Indian Railways here today.

Suresh Prabhakar Prabhu, Minister for Railways, senior officials of the Railway Board, and Sudhansu Pathak, Vice President, Steel Manufacturing, Tata Steel, among others, were present at the LTTC signing ceremony that was held at the Rail Bhawan here.

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 duration of 3-5 years. The main objectives of LTTC are:-

  1. Long-term revenue commitment from customers
  2. Preferential treatment to customer for supply of wagons
  3. Generation of additional traffic volumes and revenues for Railways
  4. Freight escalation protection i.e freight increase mid-year will not be passed on to the customer
  5. Freight concession on retention of traffic as well as on incremental traffic

Tata Steel 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.

Today, the relationship between Indian Railways and Tata Steel is not merely that of transporter and customer but of collaborators. The LTTC agreement will further strengthen this relationship in the days ahead.

 

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

Leave a Reply

Your email address will not be published.

x

Check Also

Heavy Rainfall Alert For Odisha Till Oct 1

Bhubaneswar: Several parts of Odisha may experience heavy rainfall during next three days as a low pressure has formed over the Northwest Bay of Bengal and adjoining coastal areas of West ...