Expressing disappointment over SAIL’s performance for 2011-12 fiscal, the Steel Minister, Mr Beni Prasad Verma, said it could have been better if the modernisation was completed on time.

“I am not satisfied with the performance of SAIL. The modernisation plan was delayed and because of that production is down,” said Mr Verma, after reviewing the company’s performance for 2011-12.

Turnover, growth

SAIL is expected to announce its numbers on May 29. The steel major is likely to have crossed a turnover of Rs 51,000 crore for 2011-12 fiscal with a growth of around 7 per cent.

Unhappy over the delay in replacement of coke-oven battery at Bhilai, Mr Verma said the delay was resulting in cost overrun. “There is a need for improvement and the responsibility has to be fixed to complete the process at the earliest,” Mr Verma said.

Capacity expansion

SAIL’s Rs 72,000-crore modernisation when completed will increase its capacity to 23 million tonnes from the present 14 mt.

SAIL Chairman, Mr C.S. Verma, said the company was trying to keep up to the Minister’s expectations and would complete the modernisation by June 2013.

For fiscal 2012-13, the company is targeting a production of 19 mt, Mr Verma said.

Replying to a query, Mr Verma said International Coal Ventures Ltd (ICVL) may have to be restructured if Coal India decides to pull out.

ICVL is a special purpose vehicle floated by five public sector units to acquire overseas coal assets. “We have not heard anything from Coal India so far,” the Minister said.

Coal India board on Friday has decided to pull out of the SPV, the second such entity to do so after NTPC. Other stakeholders in ICVL include SAIL, NMDC and RINL.

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