Tata Group-backed Tata Steel has signed a Memorandum of Understanding (MoU) with Vedanta's
Hindustan Zinc where the former will procure its complete domestic zinc requirements.
The initiative through the MoU is to support Aatmanirbhar Bharat vision where the largest companies choosing to become vocal for local.
According to the MoU, the Vedanta-backed Zinc company will supply approximately 45,000 tonnes of Zinc to both
Tata Steel and Tata Steel BSL. Also, other value-added metals will be supplied.
Furthermore, Hindustan Zinc will deliver the material on an impromptu basis upon sensing a shortage on a real-time basis.
Also, Hindustan Zinc will keep safety stock at all their depots across the country for Tata Group companies.
The above-mentioned move is said to be one of the highest quantity to be ever signed by Hindustan Zinc.
At around 2.03 PM, Tata Steel stock was trading at Rs438.25 per piece up 0.15%, while Tata Steel BSE was trading broadly flat at Rs26.40 per piece on Sensex.
On the other hand, Hindustan Zinc was performing at Rs216.50 per piece up 4.39%.