Current economic crisis will have no impact on SAIL: Roongta

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Kolkata, Nov 26(UNI) The current economic crisis would have no impact on Steel Authority of India (SAIL)'s expansion plan, its Chairman and Managing Director S K Roongta today said.

" We will not put brakes on the current expansion plan of the company," Mr Roongta told reporters on the sidelines of FICCI's national executive meeting here.

He said SAIL had an investment plan Rs 54,000 crore in four years for augmentation of saleable steel production to 24.5 million tons from 13 million tons.

The SAIL Chairman said the fund would be a 1:1 mix of debt and equity.

Mr Roongta, however, observed that the economic meltdown, causing slump in demand, would have effect on the company's directional plan for 2020 by which SAIL proposed to increase the capacity to 60 million tons.

In reply to a question, Mr Roongta said in the first half of this fiscal the company's revenue had surged by 40 per cent.

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