‘SAIL Uday’ scheme to drive SAIL towards profitability: Report
Steel Authority of India Ltd (SAIL) said in a report that ‘SAIL Uday’ initiative which is devised to turnaround the fortunes of the company is expected to drive the PSU towards profitability and ensure its sustained market leadership.
The report assumes significance as Steel Minister Birender Singh had in clear terms earlier asked public sector firms, including SAIL, to “perform or perish”, saying complacency cannot be tolerated at a time when private players are excelling on various parameters.
In order to meet the challenges of adverse business environment, it was decided to create and implement a sustainable turnaround strategy. “In line with the same, a company-wide turnaround initiative, named ‘SAIL Uday’ has been undertaken covering improvements for all functions in the plants and units, while reviewing and sharpening our business strategy and processes,” the report said.
It added, “The ‘SAIL Uday’ initiative is expected to drive the company towards profitability as well as build for sustained market leadership.”
SAIL has undertaken a company-wide transformational and turnaround programme, ‘SAIL Uday’, covering improvements for all functions in the plants and units. “The company has engaged Boston Consulting Group (India) Pvt Ltd (BCG), as management consultant to study the present health of the company and suggest suitable measures for its turnaround,” it said.