Indian steel producers are looking to double exports of rails to Iran within the next one year, a senior Indian government official said on Tuesday, May 24.
The rapid expansion of India-Iran trade and investment relations firmed up during Indian Prime Minister Narendra Modi’s visit to Tehran which will provide great opportunities for Indian steel companies to participate in a $25 billion railway network expansion project in Iran, the official said. As a result, Indian companies will be able to receive larger orders and nearly double Indian exports of rails to Iran.
Last year, Indian steel producers Steel Authority of India Limited (SAIL) and Jindal Steel and Power Limited (JSPL) together signed contracts for supply of 250,000 mt of rails to Iran.
Indian steel producers are confident of at least doubling their shipments of steel rails within the current year, particularly since domestic Iranian steel mills have expressed their inability to immediately meet the demand for rails as per the specifications of the Islamic Republic of Iran Railways (IRIR), the official added.