Title - TATA steel became the first company to sign a long-term contract with Indian Railways

In a first of its kind pact, Tata steel has signed a long term tariff contract with Indian Railways. Tata has become the first company in steel sector to sign such a long term pact.

In a statement TATA said, "Tata Steel became the first steel company to enter into a long-term tariff contract (LTTC) with Indian railways here today."

To guarantee incremental revenue for Indian Railways LTTC has been introduced by Indian Railways which will allow long-term contracts with customers.

LTTC main objectives –

• Preferential treatment to customer for supply of wagons
• Long-term revenue commitment from customers
• Revenues for railways and freight concession
• Generation of additional traffic volumes
• Freight escalation protection