The total value of the contract is INR 210 crore (USD 24.34 million) and will be valid for two years and can be extended for one more year by mutual agreement.
Under the contract, billets will be converted into TMT reinforcing bars at SEIL's existing new rolling mill, increasing the company's capacity utilization and targeting a significant increase in revenues. TMT ribbed rebars, which will be produced under the Vizag Steel brand, offer high durability and quality in the construction industry.
The collaboration with public sector organization RINL is considered a strategic step that demonstrates SEIL's technical and operational capabilities in steel transformation. The contract is expected to strengthen the company's market position and improve operational efficiency.
The management of Steel Exchange India Limited stated that they believe that this contract will lead to better capacity utilization and increased revenues for the company. The management emphasized that they will work with determination for high quality TMT rod deliveries.
In regulatory disclosures, SEIL confirmed that the promoter, the promoter group and group companies have no connection with the order or contract in question and that the transaction was conducted on arm's length terms, without the scope of a related party transaction.
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