On Friday, Jindal Steel & Power (JSP) will install India’s first Rail Wheelset manufacturing plant at its Raigarh facility in Chhattisgarh, the company said in a statement. JSP has collaborated with GIFLO Steel, Hungary, for this ambitious project.

• L&T Shares Trade With Nominal Losses Despite Securing Orders 
• Daily vs Weekly SIP: Which Can Supercharge Your Portfolio to the Million-Mark?
• Rail Vikas Nigam Shares Take a Hit Despite Rs 165 Crore Order 
• Lupin Shares Gain 1% as Unit Receives EIR Status from USFDA
• Glenmark Unit Signs Exclusive NSCLC Drug Pact with Hansoh Pharma; Shares Drop 1%

The MoU for technology collaboration has been signed between GIFLO Steel – Hungary and Jindal Steel at the “India Hungary Business Forum” organized by the Embassy of Hungary and FICCI in the national capital on 27 May 2022. The plant will have an initial capacity of 25,000 Wheelsets per year. Jindal Steel will also install a Rail forging unit for Asymmetric Rails used in Rail track switches, especially for high-speed train tracks.

“We at Jindal Steel are committed to AtmaNirbhar Bharat Abhiyan launched by Prime Minister Narendra Modi. Rail wheelset manufacturing plant will help Indian Railways speed up the modernization of its Rail infrastructure; by making available world-class rail wheels to realize the vision of “Gati Shakti” by the Government of India”, said Mr V R Sharma, Managing Director of Jindal Steel.