Stone India subsidiary inks pact with US-based Railrunner

Stone India subsidiary inks pact with US-based RailrunnerKolkata-based Stone India has informed that its subsidiary Stone Intermodal has signed an agreement with the US based Railrunner to manufacture and operate new generation freight cars on rail and road.

Under an exclusive 10-year pact with RailRunner, Stone Intermodal will invest Rs 150 crore to manufacture major components and systems and provide door-to-door cargo services for select, high-value and fragile products, perishable and refrigerated goods.

The company has already submitted designs of the new freight cars to the Union rail ministry for approval, and expects to launch the services with two trains each having 50 containers within 36 months from now onwards.

The stock of Stone India today settled the day at Rs 51 on BSE. The counter has touched a 52-week-high and low of Rs 58 and Rs 17 respectively.