PSEB recommends Ashok Kumar Panda as SAIL chairman

The Public Enterprises Selection Board has recommended Ashok Kumar Panda, the current Director (Finance) of Steel Authority of India Limited (SAIL) to the post of Chairman and Managing Director (CMD). Panda also held the additional charge of Director (Commercial) at the public sector undertaking before T N Natarajan joined at the post.

Panda has three decades experience in different plants and units of SAIL. He started his career with SAIL as a Management Trainee after completing his B.E. in Electrical Engineering. He holds a specialisation in Finance from XIM, Bhubaneshwar, and later acquired Ph.D. in Business Finance.

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He is credited with reduction of borrowings by Rs 20,000 crore through deleveraging efforts. The Cost Reduction initiatives include identification of shop-wise technical levers and implementing action plans to resolve inefficiencies towards improving bottom line.

Panda also played a key role in determining the fair price of rails supplied to Indian Railways, SAIL said, noting he was instrumental in revising the Fixed Asset Sales Accounting Policy in the public sector undertaking which contributed towards improvement in the bottom line.