High-level panel asks SAIL to increase international presence

Tags: SAIL, News
Noting that exports by SAIL are likely to go up in coming years, a high-level panel has asked the state-run PSU to look into possibilities of strengthening presence in international market by setting up offices abroad.

"SAIL maintains a strategic presence in foreign markets and has been exporting around 3-5 per cent of its saleable steel production during last few years. With higher production capacities of SAIL plants post expansion and modernisation, share of exports is likely to go up in future," the Parliamentary Standing Committee on Steel and Coal has said.

The Kalyan Banerjee-headed panel in its latest report has asked the Steel Authority of India (SAIL) to explore the possibility of opening international marketing offices in order to increase its presence in the global market on the pattern of Rashtriya Ispat Nigam Ltd (RINL).

The panel said RINL products are well accepted in the international market.

"In order to tap new market, RINL is proposing to open its first international market office at World Trade Centre at Colombo, Sri Lanka," it said.

SAIL has an ambitious expansion plan and it is investing Rs 72,000 crore to enhance capacity by around 10 million tonnes per annum (MTPA) to 24 MTPA.

The ongoing expansion is likely to be completed next fiscal.

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