C.S. Verma, former Director(finance) of BHEL, takes over as SAIL Chairman

Steel Authority of India Ltd (SAIL) announced on Friday that Mr C.S. Verma has taken charge as the Chairman of the company. Mr Verma was formerly with Bharat Heavy Electricals Ltd (BHEL) as Director (Finance).

Pointing out his priorities for SAIL, Mr Verma said, “The first priority will be to get SAIL to produce more value-added products. SAIL at present does not completely fulfil the power sector requirements. But I will push for BHEL to buy more from SAIL. The power sector will have to work closely with BHEL.”Currently, SAIL sells 7 per cent of its steel to BHEL. However, it does not produce special steel products such as cold rolled grain oriented (CRGO) steel and cold rolled non-grain oriented (CRNGO) steel for which BHEL has to depend on imports.

Mr Verma said the company will actively look at acquisition opportunities abroad, especially for raw material assets. Inorganic growth is important for the company and we will need to look at acquisition opportunities abroad.

ref:
http://www.indiainfoline.com/Markets/News/C.S.-Verma-takes-over-as-SAIL-Chairman/220789030