SAIL will maintain its lead position
"Let anybody come... We shall maintain or consolidate our market share," SAIL Chairman said in an interview.
By PTI |
NEW DELHI: Undeterred by mega mergers and announcement of creating big capacities by foreign producers like Posco and Mittal Steel, India's largest steel maker SAIL on Tuesday exuded confidence of retaining its leading position.
"Let anybody come... We shall maintain or consolidate our market share," SAIL Chairman Sushil Kumar Roongta said in an exclusive interview with the media.
Asked whether SAIL was looking for acquisitions overseas or will expand through green field route, Roongta, who assumed charge of over Rs 32,000 crore PSU recently, said "there is enough potential in the domestic market to grow but we shall not close our eyes to good opportunities even overseas."
On the mega deal of Tata Steel acquiring Anglo Dutch steel company Corus in UK, Roongta expressed happiness saying the deal shows the confidence of overseas market in Indian entrepreneurs.
"We are at a take-off stage. There is plenty of scope to grow. If good opportunities exist we would not close our eyes," he said.
"We have a very strong client-base. Despite new producers in 90's we have been able to hold on to ourselves," he said and asserted that despite being the nation's biggest producer, there was no room for complacency.
Saying that SAIL has set a target of producing 22 million tonnes of steel in the next five years, Roongta said capacity of Bokaro, Durgapur, Rourkela, and IISCO would be increased to 14 MT, 5 MT, 5 MT and 5 MT respectively. "40 MT for
SAIL may not be a distant target," he suggested.
SAIL had planned to invest Rs 37,000 crore by 2012 to become 22 million tonne steel produce, Roongta said adding the plan has now been compressed to be completed by 2010.
Roongta said SAIL is aware of the need for cold-rolled steel from the automobile sector and has accordingly decided to build a 2.5 MT of cold-rolling mill at its Bokaro unit. "The unit would exclusively cater to the auto sector," he averred.
He reasoned that Mergers and Acquisitions did not happen earlier in the state-run entity as the PSUs Boards were not adequately empowered to explore the same.
"Let anybody come... We shall maintain or consolidate our market share," SAIL Chairman Sushil Kumar Roongta said in an exclusive interview with the media.
Asked whether SAIL was looking for acquisitions overseas or will expand through green field route, Roongta, who assumed charge of over Rs 32,000 crore PSU recently, said "there is enough potential in the domestic market to grow but we shall not close our eyes to good opportunities even overseas."
On the mega deal of Tata Steel acquiring Anglo Dutch steel company Corus in UK, Roongta expressed happiness saying the deal shows the confidence of overseas market in Indian entrepreneurs.
"We are at a take-off stage. There is plenty of scope to grow. If good opportunities exist we would not close our eyes," he said.
"We have a very strong client-base. Despite new producers in 90's we have been able to hold on to ourselves," he said and asserted that despite being the nation's biggest producer, there was no room for complacency.
ADVERTISEMENT
Saying that SAIL has set a target of producing 22 million tonnes of steel in the next five years, Roongta said capacity of Bokaro, Durgapur, Rourkela, and IISCO would be increased to 14 MT, 5 MT, 5 MT and 5 MT respectively. "40 MT for
SAIL may not be a distant target," he suggested.
SAIL had planned to invest Rs 37,000 crore by 2012 to become 22 million tonne steel produce, Roongta said adding the plan has now been compressed to be completed by 2010.
Roongta said SAIL is aware of the need for cold-rolled steel from the automobile sector and has accordingly decided to build a 2.5 MT of cold-rolling mill at its Bokaro unit. "The unit would exclusively cater to the auto sector," he averred.
ADVERTISEMENT
Asked whether SAIL was looking for acquisition of smaller capacities outside India, he said SAIL's current priority was to retain its position as the country's biggest steel producer but did not write off any brown field expansion.He reasoned that Mergers and Acquisitions did not happen earlier in the state-run entity as the PSUs Boards were not adequately empowered to explore the same.
ADVERTISEMENT
"We have not been looking outwards till 5 to 7 years back and that is making the difference," he reasoned and said now everybody (steelmakers) "have found new confidence." Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
