Millennium Post

SAIL plans capex of Rs 12,000 crore for FY13

SAIL plans capex of  Rs 12,000 crore for FY13
‘SAIL has taken various initiatives in optimising operations, better value addition in downstream units, reducing coke consumption by enhancing alternate fuels like Coal Dust Injection in blast furnaces etc’, said C S Verma, chairman of Maharatna Steel Authority of India Limited [SAIL], at the company’s 40th Annual General Meeting held here today. Notwithstanding the short term dampeners in the Indian and the world economy, he expressed confidence in the growth of the indian steel industry driven by the increased infrastructure investment and higher pace of urbanisation.  ‘In terms of per capita consumption of finished steel, India at 57 kg lags behind the world average of 214.7 kg, indicating a huge potential for growth,’ he said.

SAIL has planned a capex of Rs 12,000 crore for financial year 2013 after incurring a capital expenditure of Rs 11,021 crore in financial year 2012. Apprising shareholders on the status of modernisation and expansion, Verma informed that the completed new facilities include new Coke Oven Battery No.11 and Wire Rod Mill at IISCO Steel Plant, Sinter Plant No.3 and Coke Oven Battery No.6 at Rourkela Steel Plant and 700 tpd Air Separation Unit at Oxygen Plant-2 at Bhilai Steel Plant. SAIL’s modernisation and expansion program being implemented at an expenditure of around Rs. 72,000 crores, besides targeting higher production, also addresses the need for eliminating technological obsolescence, achieving energy savings, enriching product-mix, reducing pollution and developing mines and collieries. 

Further, interacting with the shareholders Verma informed that the majority of the facilities of the on-going phase of modernisation and expansion of SAIL are likely to be completed in the current fiscal.

In the area of enhancing power capacity from present 1000 MW to nearly 1800 MW, NSPCL [a 50:50 JV of SAIL and NTPC] is preparing a Feasibility Report for setting up 2x250 MW Power Plant at Bhilai and 1x250 MW Power Plant at Rourkela.

In the AGM, a special resolution was passed wherein SAIL was authorised to purchase, acquire or hold its own shares or other specified securities as per the applicable statutes.  Payment of 20 per cent of total dividend for 2012 was also approved in the meet. 
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