India’s Rashtriya Ispat Nigam Limited (RINL) will invest an estimated $300 million on diversification of its product portfolio and enter manufacturing of steel wheels and axle to supply the government owned and operated Indian Railways, a company official said on Monday, February 29.
RINL has decided to set up a railway wheel manufacturing plant in northern Indian province of Uttar Pradesh with capacity of 100,000 mt per year with exclusive supply agreement with Indian Railways, the official said. The axle manufacturing plant will be located in eastern Indian province of West Bengal, he said. Both the plants are expected to be completed and go into commercial production within the next three years.