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Jindal Steel signs MoU with Indian Coast Guard to provide marine grade steel
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
At around 1:30 PM on May 8, shares of Jindal Steel & Power Limited were trading at ₹948 apiece on the BSE witnessing a gain of 2.13%.
The Indian Coast Guard and Jindal Steel & Power Ltd signed a Memorandum of Understanding (MoU) on Tuesday for the supply of indigenous marine-grade steel. According to a press release, this partnership underscores the shared commitment to promote indigenisation.
The MoU was signed by Deputy Director General (Materiel & Maintenance) of the Indian Coast Guard, IG HK Sharma, and Chief Marketing Officer of Jindal Steel & Power, SK Pradhan, in the presence of senior officers from the Indian Coast Guard.
The press release also said that the MoU highlights the critical role of public-private partnerships in tackling intricate security challenges, emphasising the necessity of cooperation between governmental bodies and the private sector.
Within the MoU, various significant advantages such as quality, grades, and dimensions, alongside the identification of specific steel plants tasked with manufacturing the product are outlined. These provisions serve as assurances to shipbuilding yards, ensuring a timely and consistent supply of marine-grade steel for the Indian Coast Guard.
At around 1:30 PM on May 8, shares of Jindal Steel & Power Ltd were trading at ₹948 apiece on the BSE, witnessing a gain of 2.13%. The stock opened at ₹923.05, marginally lower than its previous close of ₹924.25 apiece.
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