Govt sets up panel to revive loss-making SAIL: MoS steel Vishnu Deo Sai
MoS steel Vishnu Deo Sai says the terms of reference of the panel include chalking out a plan with focus on increasing production, sales and improving financial health of SAIL
New Delhi: India has set up a panel to turn around loss-making Steel Authority of India Ltd (SAIL) and help the state-owned company increase production, Minister of State for Steel Vishnu Deo Sai said in the lower house of Parliament on Monday.
Reuters reported in March that an expert panel was set up to revive SAIL 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, SAIL could increase its domestic sales by 4% to 12.4 million tonnes in 2016-17, the minister said. Reuters
- 5Paisa.com plans to raise ₹103.5 crore via rights issue to enter P2P lending business
- IDBI Bank to move govt to make LIC promoter
- ICICI Bank audit committee hires law firm to look into bad loans
- Amazon Prime Day sale: E-commerce firm suffers tech crash, strikes
- Govt doubles import duty on over 50 textile products to 20%
Editor's Picks »
- ETFs are good, but invest in actively managed funds too
- For most companies, investors have little say in ratifying auditors
- New way to buy or sell crypto in rupees, but trade at your own risk
- Who’s going to stop the frauds in Indian companies?
- HDFC Bank raises Rs8,500 crore by issuing equity to parent HDFC