SAIL to invest Rs 1000 crore a year for upgrade

 Steel Authority of India Ltd (SAIL) has decided to invest Rs 1,000 crore every year in upgradation to keep pace with the market, said V S Jain, chairman.

 Jain also said SAIL will wipe out accumulated losses of Rs 2,000 crore in two years, given the current level of performance.

 The upgrade investments will be made through internal resources. The steel major has also planned one million tonne capacity expansion with available resources.

 Jain said, the company would make the most of its existing resources and was confident of raising capacity with the existing facilities.