A clause in India's global tender for steel rails, part of a $130 billion overhaul of its railways, could help Jindal Steel and Power Ltd win up to 20 percent of the work. The world's fourth-largest rail system is undergoing a five-year overhaul to replace ageing tracks, improve efficiency and end a spate of deadly train accidents, including one on Friday.
State-run Steel Authority of India Ltd (SAIL) has struggled to supply the steel, however, and is expected to deliver 920,000 tonnes of it this financial year, just 65 percent of its target.
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Berger Paints independent director resigns.
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