Venkataraman Krishnamurthy, who is considered as the turnaround man of several Indian corporate houses like BHEL, Maruti Udyog, SAIL and Gail (India), passed away on Sunday at the age of 97. Krishnamurthy is considered as "the father of public sector undertakings in India" by many in India Inc. Born in the temple town of Tamil Nadu's Karuveli, he started his career as an airfield technician during the Second World War.
In a report to the Planning Commission, the panel headed by former SAIL chairman S K Roongta suggested at least 30 central PSUs be listed in the next three years, going up to 50 over five years.
The post fell vacant after incumbent Prasad Dasgupta took early retirement. Dasgupta's five-year term was to come to an end on August 31 and he was eligible for a two-year extension till he attained superannuation at the age of 65 in 2012.
The potential growth in infrastructure and urbanisation suggests that the demand for steel will outpace supply
State-owned SAIL would set up a steel plant in joint venture with South Korean major Posco for which it had already inked an MoU, its chairman S K Roongta said.
The increase in prices by the country's largest steel producer is effective from April 1.
Steel Authority of India Limited said on Wednesday it has hiked steel prices by up to Rs 600 a tonne, effective from March 1, on account of increase in excise duty.
The domestic steel companies such as SAIL and Tata Steel are likely to increase prices by about Rs 600 a tonne on account of the increase in excise duty in the Budget.
SAIL currently employs a little under 1,21,000 people. The freshers, to be roped in as management trainees (technical and administrative), would handle the extended operations of the company in near future. The company is in the process of expanding its production capacity to 26.3 million tonnes by 2010-11 for which its would be spending in excess of Rs 78,000 crore.
However, the steelmaker said it will continue with the withdrawal of the Rs 500-750 per tonne rebate announced on the flat steel products -- mainly used by the automobile and the consumer durable sectors -- last month. Steel giant Tata Steel, which raised prices of some of its products last month by Rs 500-750, said there is no scope for increasing prices of the commodity in the near term and the domestic prices will continue to move in tandem with the global trend.
The run-up to next year's general elections might see some of the top executives of government-run companies getting unlucky. And, the period could become the best in the lives of those waiting in the wings.
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