AIA Engineering to source ferro chrome from SAL SteelAIAENG - 3684 Change: -1.05 (-0.03 %)
AIA Engineering has entered into a supply agreement for three years with SAL Steel (SAL) for supply of ferro chrome by SAL to the company on non exclusive basis. The company has also agreed to provide a secured Inter corporate deposit of Rs 125 crore to SAL, which will be used by SAL to repay its loan/for working capital requirements.
AIA is securing raw material supply from SAL. Inter corporate deposit will allow SAL to operate smoothly. It is a better utilisation of excess cash for AIA.