Making clear his commitment to the ongoing expansion and modernisation programme worth Rs 65,000 crore to ramp up its production capacity to 23 million tonnes by 2012, the chairman stressed the need to ensure that investments being made and expansions to be realised were on track
Pledging to make state-run behemoth Steel Authority of India Limited (SAIL) a global player by encouraging an “inorganic approach on its growth,” its new chairman Chandra Shekhar Verma recently affirmed his commitment to ensure that the massive expansion and modernisation programme of the maharatna company was completed in time.
“It is time we set our sights on becoming a global player. I want to see that we become so. We will spread our wings outside as inorganic approaches for growth can be adopted especially for input assets acquisition, which is a must in the company’s quest for continued success,” Verma said, reflecting on his blueprint for SAIL.
Making clear his commitment to the ongoing expansion and modernisation programme worth Rs 65,000 crore to ramp up its production capacity to 23 million tonnes by 2012, Verma stressed the need to ensure that investments being made and expansions to be realised were on track.
“This is an area which would receive my particular attention, and I will ensure that suitable monitoring mechanisms were activated to guide the organisation’s efforts in controlling cost and time lines,” the new SAIL chief said and pointed out the behemoth’s capacity to produce value-added steel, which was currently 37 per cent but would be substantially enhanced by increasing its share in the total product mix.
Prior to this assignment, Verma was Director (Finance) of Bharat Heavy Electricals Limited (BHEL). His prudent financial management and strategic deployment of scarce resources strengthened the competitive position of BHEL. As Director/Finance of BHEL since September 2005, Verma also had the distinction of spearheading the joint venture initiatives of the company with various state GENCOs. His efforts resulted in the signing of four such agreements with Tamil Nadu, Karnataka, Madhya Pradesh and Maharashtra that would leverage the sale of 7 supercritical thermal power plants of BHEL.
He also played a key role in the finalisation of various technology agreements of BHEL with Alstom, Siemens, GE and Sheffield Forgemasters.
Spanning nearly 29 years, Verma’s career profile also covers stints as Director (Finance) of ITI Ltd, as Group General Manager of Indian Railway Finance Corporation, and as General Manager of Delhi Stock Exchange (DSE), besides experience of working in a Financial Institution for about nine years.
Fellow Member of the Institute of Company Secretaries of India (FCS) and of the Institute of Cost & Works Accountants of India (FICWA), he is a Commerce post-graduate with a Master’s degree in Business Administration and Bachelor’s degree in Law & Legislatures. He has received many awards during his career, including ‘Best CFO Award’ of CNBC-TV 18 in the infrastructure sector for the year 2008-09 and ‘Top Rankers Excellence Award for Best Professional’ for the year 2008. During his tenure in BHEL, the company received the first prize in ‘ICWAI National Award for Excellence in Best Cost Management Practices’.
SAIL, which has been recently accorded the status of ‘Maharatna’ by the Government of India, is currently preparing for divestment of 10 per cent of its equity in two tranches and is implementing a Rs 60,000-crore modernisation & expansion plan in its plants and mines.
With Verma at its helm and his vast knowledge and experience in support, SAIL is poised to attain greater heights.
Pledging to make state-run behemoth Steel Authority of India Limited (SAIL) a global player by encouraging an “inorganic approach on its growth,” its new chairman Chandra Shekhar Verma recently affirmed his commitment to ensure that the massive expansion and modernisation programme of the maharatna company was completed in time.
“It is time we set our sights on becoming a global player. I want to see that we become so. We will spread our wings outside as inorganic approaches for growth can be adopted especially for input assets acquisition, which is a must in the company’s quest for continued success,” Verma said, reflecting on his blueprint for SAIL.
Making clear his commitment to the ongoing expansion and modernisation programme worth Rs 65,000 crore to ramp up its production capacity to 23 million tonnes by 2012, Verma stressed the need to ensure that investments being made and expansions to be realised were on track.
“This is an area which would receive my particular attention, and I will ensure that suitable monitoring mechanisms were activated to guide the organisation’s efforts in controlling cost and time lines,” the new SAIL chief said and pointed out the behemoth’s capacity to produce value-added steel, which was currently 37 per cent but would be substantially enhanced by increasing its share in the total product mix.
Prior to this assignment, Verma was Director (Finance) of Bharat Heavy Electricals Limited (BHEL). His prudent financial management and strategic deployment of scarce resources strengthened the competitive position of BHEL. As Director/Finance of BHEL since September 2005, Verma also had the distinction of spearheading the joint venture initiatives of the company with various state GENCOs. His efforts resulted in the signing of four such agreements with Tamil Nadu, Karnataka, Madhya Pradesh and Maharashtra that would leverage the sale of 7 supercritical thermal power plants of BHEL.
He also played a key role in the finalisation of various technology agreements of BHEL with Alstom, Siemens, GE and Sheffield Forgemasters.
Spanning nearly 29 years, Verma’s career profile also covers stints as Director (Finance) of ITI Ltd, as Group General Manager of Indian Railway Finance Corporation, and as General Manager of Delhi Stock Exchange (DSE), besides experience of working in a Financial Institution for about nine years.
Fellow Member of the Institute of Company Secretaries of India (FCS) and of the Institute of Cost & Works Accountants of India (FICWA), he is a Commerce post-graduate with a Master’s degree in Business Administration and Bachelor’s degree in Law & Legislatures. He has received many awards during his career, including ‘Best CFO Award’ of CNBC-TV 18 in the infrastructure sector for the year 2008-09 and ‘Top Rankers Excellence Award for Best Professional’ for the year 2008. During his tenure in BHEL, the company received the first prize in ‘ICWAI National Award for Excellence in Best Cost Management Practices’.
SAIL, which has been recently accorded the status of ‘Maharatna’ by the Government of India, is currently preparing for divestment of 10 per cent of its equity in two tranches and is implementing a Rs 60,000-crore modernisation & expansion plan in its plants and mines.
With Verma at its helm and his vast knowledge and experience in support, SAIL is poised to attain greater heights.
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