India sets up panel to revive loss-making steelmaker SAIL: minister

NEW DELHI (Reuters) – India has set up a panel to turn around loss-making Steel Authority of India Ltd (SAIL) and help the state-owned company increase production, Minister of State for Steel Vishnu Deo Sai said in the lower house of Parliament on Monday.

Reuters reported in March that an expert panel was set up to revive SAIL after a government review found the company to be far less efficient than its rivals despite spending more than $ 10 billion in the past eight years.

“The terms of reference of the committee include chalking out a plan with focus on increasing production, sales and improving financial health of SAIL,” the minister told lawmakers in a written reply, adding that the panel would also look at specific measures to improve SAIL’s units.

Due to steps taken by the government in 2016/17, SAIL could increase its domestic sales by 4 percent to 12.4 million tonnes in 2016/17, the minister said.