State-owned Steel Authority India Limited (SAIL) has announced that CS Verma has relinquished the charge as chairman and managing director on completion of his tenure. His position will be take over by steel secretary Rakesh Singh till a regular incumbent is appointed.
CS Verma was appointed CMD of SAIL for a five-year term in June 2010 by the previous UPA government. He was eligible for an extension till he attained the superannuation age of 60 years in September 2019. The NDA government has decided not to extend his tenure. Verma became the first ‘Maharatna’ PSU head to be denied an extension during the current NDA regime.
Tidbits
- SAIL is the 24th largest steel producer in the world.
- SAIL is one of India’s fastest growing Public Sector Units.
- SAIL operates and owns 5 integrated steel plants at Rourkela, Bhilai, Durgapur, Bokaro and Burnpur.
- SAIL also operates 3 special steel plants at Salem, Durgapur and Bhadravathi.
- It also owns a Ferro Alloy plant at Chandrapur.
GK Question
Name the PSUs which have Maharatna Status? There are 7 state-owned companies which have been classified as ‘Maharatna’. They are,
- Bharat Heavy Electricals Limited
- Coal India Limited
- GAIL (India) Limited
- Indian Oil Corporation Limited
- NTPC Limited
- Oil & Natural Gas Corporation Limited
- Steel Authority of India Limited
