CAG has pulled up Steel Authority of India Ltd, SAIL for inefficiency in project planning, tender finalisation, and project execution. In its report tabled in both Houses of Parliament, the auditor said SAIL failed to implement the Modernisation and Expansion Plan, MEP within the fixed time frame. It said the integrated commissioning of capacity expansion projects in five integrated steel plants was delayed by over four years which led to failure in taking advantage of growth in steel market. The CAG has recommended the public sector steel maker to document the lessons from ongoing implementation of MEP as a guide for future capacity expansions. It also suggested the company to revisit the existing policies, procedures, and practices and strengthen them to mitigate the risks of time and cost overrun in future ventures.
News On AIR | August 12, 2015 2:03 PM
CAG pulls up SAIL for inefficiency in planning, finalisation, execution of projects