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Jindal Steel & Power Ltd and the Indian Coast Guard have inked a memorandum of understanding (MoU) to supply indigenous marine-grade steel. According to a press release by the Ministry of Defence, this collaboration highlights the shared commitment to promoting 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.
According to the press release, the MoU emphasises the vital role of public-private partnerships in addressing complex security concerns, highlighting the need for collaboration between government agencies and the private sector.
The MoU outlines a number of key benefits, including quality, grades, and dimensions, as well as the identification of specific steel factories entrusted with making the product. These requirements provide shipbuilding yards with assurances that the Indian Coast Guard would have a timely and constant supply of marine-grade steel.
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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