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Tata Steel has entered into a long-term agreement with Angul Sukinda Railway (ASRL) to invest ₹400 crore for construction, operation and maintenance of additional rail line to meet the logistic needs of its Kalinganagar Steel plant.
Angul Sukinda Railway is a public limited company incorporated as a special purpose vehicle by the Ministry of Railways for developing, financing, construction, operation and maintenance of a 104.24-km-long broad gauge single railway line between Angul and Sukinda in Odisha.
Phased funding
Tata Steel will fund the ₹400-crore expenditure in a phased manner by subscribing to 40 crore non-convertible, non-cumulative, redeemable preference shares of ASRL. The railway line provides direct link between iron-ore rich areas of Joda-Barbil in Odisha to steel and sponge iron industries in the Angul region. It also connects coal mining region in Talcher to industries in Jakhapura, Joda-Barbil and areas in Kendujhar district, Odisha.
Angul Sukinda Railway will meet Kalinganagar Steel plant logistics requirements for a period of 20 years.
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