New Delhi, Aug 7 (PTI) Steel Exchange India on Thursday said it has signed an agreement with two entities to explore the development of a cargo terminal and multi-modal logistics park (MMLP) in Andhra Pradesh.
The collaboration aims to improve logistics efficiency, reduce transit times, and enable scalable cargo handling solutions in and around Visakhapatnam (Vizag) in the state, Steel Exchange India Ltd (SEIL) said in a statement.
"Steel Exchange India announces a strategic non-binding collaboration with Vizag Profiles Logistics (VPL) and Hind Terminals (HTPL) to explore the development of a General Cargo Terminal (GCT) and a Multi-Modal Logistics Park (MMLP) in Visakhapatnam," it said.
The collaboration is a strategic step forward in efforts to expand beyond steel manufacturing and strengthen the company's presence in infrastructure and logistics, Suresh Kumar Bandi, Joint Managing Director, Steel Exchange India Limited, said.
Part of the Vizag Profiles Group, SEIL operates an integrated steel plant and power unit at Vizianagaram near Visakhapatnam. During the June quarter, the company received a contract of Rs 210 crore from state-owned RINL for the conversion of 1.2 LTPA (lakh tonnes per annum) billets to TMT rebars.