SAIL to set up new rail mill with $800 million investment: Chairman Prakash

The company has decided to go ahead with the investment plan despite not having any order indication from its largest buyer Indian Railways
Prakash said SAIL had been following up with the Railways for the past seven years for their future demand so accordingly the steel maker can plan rail production.

SAIL is bullish on the demand for rails in the country and has decided to set up a new rail mill at an investment of $800 million, the company’s Chairman Amarendu Prakash said on Saturday.

The company has decided to go ahead with the investment plan despite not having any order indication from its largest buyer Indian Railways, Prakash said at a panel discussion at the Global Business Summit (GBS) in the national capital. ALSO READ: SAIL Q3 results: Profit drops 66% to Rs 142 cr, revenue rises to Rs 25K cr

The chairman said such kind of confidence is a result of growth oriented policies of the government.