RINL and IOCL sign 5-year MoU for supply of hydraulic and lubricating oils from 2024 to 2029

New Delhi [India], August 27 : Rashtriya Ispat Nigam Limited (RINL) today signed a Memorandum of Understanding (MoU) with M/s. Indian Oil Corporation Limited (IOCL), at a ceremony held in the main conference hall of the administrative building at RINL (corporate arm of Visakhapatnam Steel Plant).
According to the Ministry of Steel, this agreement, covering the supply of hydraulic and lubricating oils and greases, will last for five years, from 2024 to 2029.
The MoU documents were exchanged by AK Bagchi, Director (Projects) and additional charge Director (Operations) of RINL, and B. Anil Kumar, Executive Director and State Head (TPSO-Telangana, Andhra Pradesh State Office) of IOCL.
The exchange took place in the presence of prominent officials including R. Uday Kumar, Executive Director (Lubes) of IOCL, U. Sridhar, CGM (Works) I/c of RINL, VV Somaraju, GM (MM) & in-charge HOD, MM, RINL, R. Sundara Narayanan, CGM (Lubes), TAPSO, IOCL, NVS Murthy, GM (Lubes), TAPSO, IOCL, and Jayashankar Varikkat, GM, TAPSO, IOCL, along with other senior officials from both organizations.
During his address, AK Bagchi highlighted that the MoU between RINL and IOCL would serve as a benchmark for how different industries can collaborate effectively for nation-building.
He said, "This MoU between RINL & IOCL will stand as a benchmark to show how a progressive collaborative work can be taken by different industries towards Nation building."
R. Uday Kumar, Executive Director (Lubes) of IOCL, described the signing of the MoU as a "milestone day," emphasizing that the strong partnership between RINL and IOCL, spanning over three decades, is built on trust and professional excellence. He noted that the first MoU between the two entities was signed in 1994-95.
This new MoU will ensure that Visakhapatnam Steel Plant has an uninterrupted and continuous supply of lubricants from IOCL to meet its operational needs. IOCL will also provide technical support to RINL in areas such as lubrication, condition monitoring of critical and large hydraulic and lube systems, bulk oil handling, and used oil management.
Additionally, IOCL will offer training to Visakhapatnam Steel Plant officials at their R&D center in Faridabad, which will help RINL reduce lubricant consumption and maintain optimal levels of specific lubricant usage.