Railways sign deal for axle unit in Bengal

New Delhi, Jan 10: The railway ministry and state-owned Rashtriya Ispat Nigam Limited (RINL) today signed an agreement for setting up a new rail axle manufacturing factory at New Jalpaiguri in West Bengal."The new axle manufacturing plant will be set up on railway land to be leased to the RINL for 30 years," the ministry said in a statement.The central government-owned RINL shall invest 100 percent equity for the project, while the ministry will provide assured purchases of 20,000 axles per annum.The agreement comes in pursuance of the announcement made by Railway Minister Mamata Banerjee in the Railway Budget for 2010-11. It is expected to start production within two years. (IANS)

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