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An initiative 'SAIL Uday' devised to turn around the fortunes of Steel Authority of India Ltd is expected to drive the PSU towards profitability and ensure its sustained market leadership, the company said in a report.
The report assumes significance as Steel Minister Birender Singh had in clear terms earlier asked public sector firms, including SAIL, to "perform or perish", saying complacency cannot be tolerated at a time when private players are excelling on various parameters.
"The 'SAIL Uday' initiative is expected to drive the company towards profitability as well as build for sustained market leadership," the report said.
In order to meet the challenges of adverse business environment, it was decided to create and implement a sustainable turnaround strategy.
"In line with the same, a company-wide turnaround initiative, named 'SAIL Uday' has been undertaken covering improvements for all functions in the plants and units, while reviewing and sharpening our business strategy and processes," it said.
SAIL has undertaken a company-wide transformational and turnaround programme, 'SAIL Uday', covering improvements for all functions in the plants and units.
"The company has engaged Boston Consulting Group (India) Pvt Ltd (BCG), as management consultant to study the present health of the company and suggest suitable measures for its turnaround," it said.
SAIL's standalone net loss widened to Rs 801.38 crore for the June quarter due to higher coal prices and expenses.