SAIL CROWNED NAVRATNA WITH 3 NEW DIRECTORS
Article Abstract:
The government has appointed three non-official directors on the board of the public sector undertaking, the Steel Authority of India (SAIL) according it the Navratna status. Those appointed by the government include, Mr Dipankar Basu, former chairman of the State Bank of India, Mr YRK Reddy, human resources consultant, and Mr Parvinder Singh, chairman of Ranbaxy. The constitution of the Navratna board confers autonomy on SAIL. SAIL can now autonomouosly decide on setting up of joint ventures, wholly- owned subsidiaries, strategic alliances and undertake organisational and personnel restructuring. SAIL plans to exit from non-core areas and undertake financial restructuring. (uh)
Comment:
Government appoints three non-official directors on board of this co
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SAIL SHOWS 7 GOOD REASONS TO OPT FOR VRS
Article Abstract:
Steel Authority of India Ltd (SAIL) has issued an internal communication to its employees which states that workers with chronic ailments, habitual absentees and those with low productivity should opt for its voluntary retirement scheme (VRS). It states that employees may have to be transferred to different parts of the country in the interests of the company and those who do not wish to get transferred should opt for VRS. The VRS has been introduced for a six-month period ending on August 31, 1998. SAIL has to reduce its workforce of about 1.86 lakh by 60,000 in the next 4-5 years to ensure its survival. (khr)
Comment:
States that workers w/ chronic ailments, habitual absentees & with low productivity should opt for voluntary retirement scheme
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SAIL TO CLOSE DOWN UNVIABLE NON-CORE UNITS
Article Abstract:
Steel Authority of India Ltd (SAIL) plans to close down some of its non-core units as part of its restructuring plan. The restructuring plan has been recommended by Industrial Development Bank of India (IDBI). It plans to focus on core steel making business and hive off its non-core units like captive power plants and captive oxygen plants. SAIL proposes to undertake financial and organisational restructuring. It incurred a loss of Rs311 crore in the first quarter of 1998-99. It plans to reduce costs by Rs1,030 crore and reduce inventories by 0.5 million tonnes through sale of slow and old moving items. (gs)
Comment:
Plans to close down some of non-core units as part of restructuring plan
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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