The Statesman reported that Indian steel giant Steel Authority of India Limited is geared up to cater to the increased steel demand in a cost effective manner by way of adoption of modern technology, improvement in quality, enriched product basket and process efficiency.

SAIL chairman Mr CS Verma at the 42nd annual general meeting of the company expressed optimism that the government’s focus on accelerating growth in manufacturing and infrastructure through development of smart cities, ports, power plants, development of industrial corridors and revival of special economic zones would boost the steel demand substantially, results of which will be seen in the near future itself.

Elaborating on the company’s vision for future, he said: “SAIL is finalizing its Vision 2025 document, which will steer the company to increase its production capacity of hot metal to 50 million tonnes, along with related/enabling business activities.”

Implementing the Vision 2025 would entail an investment of about INR 150,000 crore in addition to the investment made in the current phase of expansion.

The PSU steel giant has been making an average expenditure of more than 10,000 crore each year for the past five years and it plans to make a capital expenditure of INR 9,000 crore on modernization and expansion during the financial year 2014-15 as well.