RINL and Indian Oil sign 5-year pact for lubricants supply
- RINL signed a five-year MOU with IOCL for the supply of hydraulic and lubricating oils and greases.
- The agreement includes technical support and training for RINL officials to improve lubrication efficiency.
- This partnership is seen as a significant step in enhancing collaboration between industries for national development.
On Tuesday, Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of the Visakhapatnam Steel Plant, entered into a memorandum of understanding with Indian Oil Corporation Ltd (IOCL) for a five-year period, from 2024 to 2029. This agreement aims to ensure a steady supply of hydraulic and lubricating oils and greases to the steel plant, which is crucial for its operations. The collaboration marks a continuation of a relationship that began with the first MoU signed in 1994-95. The MOU includes provisions for technical support from IOCL, focusing on lubrication, condition monitoring of hydraulic systems, and management of bulk oil and used oil. Additionally, IOCL will provide training for RINL officials at its R&D center in Faridabad, which is expected to enhance efficiency and reduce lubricant consumption at the steel plant. A.K. Bagchi, Director of RINL, emphasized the importance of this partnership, highlighting its potential to serve as a benchmark for collaborative efforts in the industry. Uday Kumar, another official, referred to the signing as a 'milestone day,' reflecting on the trust and professional excellence that have characterized the long-standing association between the two companies. RINL, recognized as a Navratna Company under the Ministry of Steel, operates the first shore-based integrated steel plant in India. This agreement not only strengthens the operational capabilities of the Visakhapatnam Steel Plant but also contributes to the broader goals of nation-building through industrial collaboration.