Steel Authority of India Limited (SAIL) sees demand for the metal to go up substantially due to the government’s focus on manufacturing and infrastructure through smart cities, ports, power plants and the development of industrial corridors.
“We are fully geared up to cater to the increased steel demand in a cost effective manner by adopting modern technology, improvement in product quality and process efficiency,” SAIL Chairman C. S. Verma said at the company’s annual general meeting.
The eve of the meeting saw continuation of trend of independent directors appointed by the previous government resigning from their posts. With two independent SAIL directors — Parminder Hira Mathur and N. C. Jha — resigning from the board, the total number of such resignations from public sector undertakings has touched nearly 25 since the Modi Government took office.
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Outlining the company’s expansion plans, Mr. Verma said SAIL was finalising its Vision 2025 document, which envisaged an investment of about Rs.1.50 lakh crore. This would be in addition to the investments made in the ongoing expansion.
During 2013-14, SAIL achieved a 21 per cent increase in profit after tax to Rs.2,616 crore.