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SAIL plans new VRS to shed 6000 employees; to borrow Rs 500 cr
New Delhi, Aug 10: With a view to rationalise its workforce by bringing it down to one lakh, the Steel Authority of India Ltd is likely to come out with a fresh round of voluntary retirement scheme soon.
New Delhi, Aug 10: With a view to rationalise its workforce by bringing it down to one lakh, the Steel Authority of India Ltd is likely to come out with a fresh round of
voluntary retirement scheme soon.
"We are planning to reduce our work force by 10,000 in the current fiscal through a mix of VR and natural retirement. The plan is to offer VR to 6000 employees," sail chairman V S Jain told a news agency.
Sail's current work force is 1.37 lakh and it had agreed to reduce it to one lakh by 2005 while entering into an agreement with the government two years back. Jain also said that the company was contemplating raising funds from the market to the tune of Rs 500 crore in two tranches. For the first installment of about Rs 200 crore, Sail may hit the market within next two months.
About second installment's timing and quantum, Jain said it would depend on the response to the VRS.
SAIL, which recently reported highest ever first quarter net profit at Rs 255 crore, is on the recovery path and hoped to turn around by the end of the current fiscal.
When asked about his message to the employees, Jain said, "We have set the path and there is no looking back. We together (management and the employees) will take the organisation to new heights and work for reasonable profits." Bureau Report
"We are planning to reduce our work force by 10,000 in the current fiscal through a mix of VR and natural retirement. The plan is to offer VR to 6000 employees," sail chairman V S Jain told a news agency.
Sail's current work force is 1.37 lakh and it had agreed to reduce it to one lakh by 2005 while entering into an agreement with the government two years back. Jain also said that the company was contemplating raising funds from the market to the tune of Rs 500 crore in two tranches. For the first installment of about Rs 200 crore, Sail may hit the market within next two months.
About second installment's timing and quantum, Jain said it would depend on the response to the VRS.
SAIL, which recently reported highest ever first quarter net profit at Rs 255 crore, is on the recovery path and hoped to turn around by the end of the current fiscal.
When asked about his message to the employees, Jain said, "We have set the path and there is no looking back. We together (management and the employees) will take the organisation to new heights and work for reasonable profits." Bureau Report