To monitor progress of the plants under Sail, the Government is devising a mechanism wherein pacts will be inked by the CEOs of each mill of the company with government-appointed experts, a top official said.
The move comes at a time when the country's largest steel maker Sail is drawing flak from the Government for slow progress in modernisation as well as ramping up capacity.
"A separate MoU (Memorandum of Understanding) will be signed between experts and CEO of that plant (each plant of Sail)," Steel Secretary Aruna Sharma told the news agency.
The contours of the pact, she said, would include various steps to improve the efficiency of the PSU so that it becomes a profitable organisation.
"I am heading a committee. I have put experts in each of these plants (of Sail). Experts have given their reports. Agreements are being done....Agreements they (Sail) will have to strictly follow so that they improve their working," she said.
Minister of State for Steel Vishnu Deo Sai in a written reply to the lok Sabha had recently said that a panel has been constituted to improve financial health of Sail and help the country's largest steelmaker boost output.
A committee comprising members of the steel ministry, PSUs and technical experts has been set up for revival of Steel Authority of India ltd (Sail) and Rashtriya Ispat Nigam ltd (RINl), the minister had said.
