The Steel Authority of India Ltd (SAIL), a 'maharatna' or high-performing public sector undertaking, on Saturday inked a memorandum of understanding (MoU) with IRCON International, a unit of the Indian railways, for jointly working on rail infrastructure projects both in India and abroad.
IRCON, which has expertise in development of surface transportation infrastructure, has handled around 300 projects in India and abroad and is currently setting up rail infrastructure in a number of developing countries. SAIL is a major producer and supplier of railway materials.
The MoU was signed by the finance directors of SAIL and IRCON in the presence of SAIL group chairman C S Verma. It is the first step by SAIL and IRCON towards joining hands for efficient execution of public-public and public-private partnership projects of the railways, as well as participating in rail infrastructure projects in developing countries, a release from Chennai said.
''IRCON has already identified a number of projects in which SAI and IRCON can participate jointly,'' IRCON managing director Mohan Tiwari said.