Chandra Shekhar Verma takes over as SAIL chairman

Pledging to make state-run behemoth Steel Authority of India Limited (SAIL) a global player by encouraging an inorganic approach on its growth, its new chairman Chandra Shekhar Verma today affirmed his commitment to ensure that the massive expansion and modernisation programme of the maharatna company was completed in time.

It is time we set our sights on becoming a global player. I want to see that we become so. We will spread our wings outside as inorganic approaches for growth can be adopted especially for input assets acquisition,which is a must in the companys quest for continued success, Verma said,reflecting on his blueprint for SAIL. Making clear his commitment to the ongoing expansion and modernisation programme worth Rs 65,000 crore to ramp up its production capacity to 23 million tonnes by 2012,Verma stressed the need to ensure that investments being made and expansions to be realised were on track. This is an area which would receive my particular attention,and I will ensure that suitable monitoring mechanisms were activated to guide the organisations efforts in controlling cost and time lines, the new SAIL chief said and pointed out the behemoths capacity to produce value-added steel,which was currently 37 per cent but would be substantially enhanced by increasing its share in the total product mix.

Arguing that the PSU should strive to be more cost competitive in the wake of rising input costs,Verma pointed out that the cost advantage SAIL enjoyed in comparison with its competitors in terms of captive iron ore reserves must be leveraged,while identifying the factors responsible for high cost of production. He stressed the need for improving people productivity by resorting to an innovative way in which labour productivity shoots up. Verma assumes charge at a crucial time when SAIL is going full throttle in its expansion programme,while simultaneously pursuing to strengthen its raw material security both in Jharkhand and Orissa.