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Panel set up to improve financial health of loss-making SAIL: Minister

SAIL was found to be less efficient than rivals despite spending more than $10 bn in past 8 years

Reuters  |  New Delhi 

File photo of a man stands next to an advertisement of Steel Authority of India Ltd. (SAIL) at a street in New Delhi, India. (Photo: Reuters)
File photo of a man stands next to an advertisement of Steel Authority of India Ltd. (SAIL) at a street in New Delhi, India. (Photo: Reuters)

has set up a panel to turn around loss-making Steel Authority of Ltd (SAIL) and help the state-owned company increase production, Minister of State for Steel Deo Sai said in the lower house of on Monday.

Reuters reported in March that an expert panel was set up to revive after a government review found the company to be far less efficient than its rivals despite spending more than $10 billion in the past eight years.

"The terms of reference of the committee include chalking out a plan with focus on increasing production, sales and improving financial health of SAIL," the minister told lawmakers in a written reply, adding that the panel would also look at specific measures to improve SAIL's units.

Due to steps taken by the government in 2016-17, could increase its domestic sales by 4 per cent to 12.4 million tonnes in 2016-17, the minister said.

 

First Published: Mon, July 24 2017. 18:33 IST
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