GeM, SAIL ink pact to set up project management unit

Public procurement portal Government eMarketplace (GeM) and SAIL Thursday signed a pact to set up a project management unit (PMU) here, in the presence of Steel Secretary Binoy Kumar.

The current steel secretary has launched this marketplace when he was additional secretary in the commerce ministry to increase efficiency and transparency in the public procurement, which runs into lakhs of crore.

"GeM and Steel Authority of India (SAIL), signed an MoU (memorandum of understanding) to set up GeM Organizational Transformation Team - Project Management Unit (GOTT-PMU)," the commerce ministry said in a statement.

The team will assist the buyer agency to transform their business activities, processes, competencies and models to fully leverage the opportunities of an open market based procurement.

With this MoU, SAIL has become the first public sector undertaking to establish GOTT PMU for transforming their procurement landscape and increasing their footprint on GeM.

It is projected that through this initiative, SAIL will be able to transact Rs 1,700 crore in terms of annual gross merchandise value on GeM platform in the first year and Rs 9,000 crore, over a period of time, it added.