Steel Authority of India is all set to fly higher with its mordernisation programme : Cover Story
SAIL | Established in 1973
The steel major has its roots in Hindustan Steel Private Limited (HSL), which was established in 1954 with the aim of laying the infrastructure for India’s rapid industrialisation after Independence. By the end of 1972, the government felt the need to integrate the production of steel in the country and develop a model for its management. It was suggested that an umbrella company be formed to manage the integrated public sector steel plants at Bhilai, Bokaro, Durgapur, Rourkela, Burnpur and Salem. This led to the formation of Steel Authority of India Ltd (SAIL) on January 24, 1973, with an authorised capital of Rs 2,000 crore. It was made an operating company in 1978. The 24th largest steel producer in the world is today one of India’s largest employers.
SAIL has identified five core areas for business development, quality and cost effective inputs, production excellence, optimising new assets utilisation, and leveraging its human capital. It’s also in the last leg of a massive Rs 70,000 crore modernisation programme. A jump of 60-70 per cent in production capacity is expected after this is completed.
Did you know?: The Bokaro steel plant and city was planned and developed by the then USSR government. It had a colony of Russians in the initial years.