Visakhapatnam, Aug 27 : The RINL, the corporate entity of the Visakhapatnam Steel Plant, on Tuesday, signed a memorandum of understanding with Indian Oil Corporation Ltd (IOCL) for the supply of hydraulic and lubricating oils and greases for a period of 5 years from 2024 to 2029.

The MOU will ensure an uninterrupted and continuous supply of lubricants to the Visakhapatnam steel plant from IOCL. The national oil giant will provide technical support to RINL, Visakhapatnam steel plant in the field of lubrication, condition monitoring of critical and large hydraulic and lube systems, total bulk oil handling and used oil management, according to an official statement.

IOCL will also provide training for Visakhapatnam steel plant officials in their IOCL R&D centre at Faridabad which would also help RINL to reduce lubricants consumption and to maintain optimum levels of specific lube consumption.

The MoU documents were exchanged by A.K. Bagchi, Director (Projects) & additional charge Director (Operations), RINL and. B. Anil Kumar, ED IOCL in the presence of senior officials of both the public sector companies.

In his remarks on the occasion, Bagchi said that this MoU between RINL and IOCL will stand as a benchmark to show how progressive collaborative work can be taken by different industries towards nation-building.

He thanked IOCL for developing several critical grades of lubricants in vital areas to meet the stringent operational requirements of RINL.

In his address, Uday Kumar described the signing of the MoU as a 'milestone day' and said that the long-cherished association for over three decades between RINL and IOCL is due to trust and professional excellence. The first MoU was signed in the year 1994-95 between the two companies.

Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), is a Navratna Company under the Ministry of Steel. Visakhapatnam Steel Plant is the first shore-based Integrated Steel Plant in India. It is one of the Leading producers of long steel products and caters to the requirements of the construction, infrastructure, manufacturing and automobile sectors.

/IANS