SAIL to surpass sales target in 2010-11

March 15th, 2011 - 8:25 pm ICT by IANS  

New Delhi, March 15 (IANS) The government-run Steel Authority of India Limited (SAIL) is set to surpass its production target for the current fiscal (2010-11) by over four percent on the back of better capacity utilisation.

“SAIL plans to achieve higher saleable steel production than planned for 2010-11 by utilising more than 114 percent of capacity,” SAIL, the country’s largest steel producer, said in a statement Tuesday.

The public sector undertaking maharatna firm’s gross sales projections for the current fiscal is 4 percent higher than the planned.

The company has maintained its thrust on production of special value-added steels and also plans to produce higher volumes than planned for the previous year.

SAIL chairman C.S. Verma and Steel Secretary P.K. Misra Monday signed an agreement here for modernisation and expansion of the company during fiscal 2011-12.

The annual agreement laid highest thrust upon modernisation and expansion projects, including training of project personnel, corporate governance, green supply chain and international alliances.

“For modernisation and expansion projects, the weightage on achievement of milestones continues to be 10 percent, the highest weightage amongst dynamic parameters,” a company statement said.

While fixing 1.1 percent of gross margin as research and development expenditure for 2011-12, SAIL has identified seven key projects in this area and targeted 27 new patents.

In relation to corporate governance, the company has stated in the memorandum of understanding that it will comply with all the 30 mandatory requirements.

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