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Tata Steel Inks LTTC with Railways

Tata Steel has become country’s first steel company to enter into a Long Term Tariff Contract (LTTC) with Indian Railways, a press release issued by the company said.

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

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 long-term revenue commitment from customer, preferential treatment to customer for supply of wagons, generation of additional traffic volumes and revenues for Railways, freight escalation, 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, the release said.

 


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