New Delhi, Jan 26 (PTI) Government-run steel major SAIL is embarking on a gold-gifting spree for its golden jubilee bash next month and would give its employees over a thousand kg of the precious metal worth about Rs 145 crore.
The company is celebrating its 50th anniversary on February 3, for which it is believed to have ordered nearly 1,040 kg of gold coins to be distributed among its 1,30,000- strong workforce, official sources said.
Coming in the midst of a rough patch for steel industry due to falling steel prices and a demand slump in the market, the proposed doleout of gold coins is part of the company's efforts to reward its workforce on this important occasion.
Weighing eight grams, each of the gold coins would cost about Rs 11,000. The country's largest steel producer SAIL is understood to be channelising the order for coins through SBI.
When contacted, a SAIL spokesperson declined to comment.
Sources, however, said Steel Minister Ram Vilas Paswan is likely to make an announcement for the goodies to be doled out to SAIL employees during the golden jubilee function of the PSU on February 3 here.
Contending that it is not the first time that employees of a PSU are being rewarded, a senior Steel Ministry official said it is "a token of appreciation for their work".
The domestic steel producers, including SAIL, are passing through tough times now due to waning demand and prices, but had a magical run till September last year.
In the second quarter ended September 30, 2008, SAIL registered an 18.19 per cent jump in its net profit to Rs 2,009.60 crore. The company had a net profit of Rs 1,700.24 crore in the September quarter of FY'08.
The PSU currently produces about 15 million tonnes of steel and has embarked on a Rs 78,000-crore expansion plan to augment its capacity to 26.2 million tonnes by 2010. PTI
The company is celebrating its 50th anniversary on February 3, for which it is believed to have ordered nearly 1,040 kg of gold coins to be distributed among its 1,30,000- strong workforce, official sources said.
Coming in the midst of a rough patch for steel industry due to falling steel prices and a demand slump in the market, the proposed doleout of gold coins is part of the company's efforts to reward its workforce on this important occasion.
Weighing eight grams, each of the gold coins would cost about Rs 11,000. The country's largest steel producer SAIL is understood to be channelising the order for coins through SBI.
When contacted, a SAIL spokesperson declined to comment.
Sources, however, said Steel Minister Ram Vilas Paswan is likely to make an announcement for the goodies to be doled out to SAIL employees during the golden jubilee function of the PSU on February 3 here.
Contending that it is not the first time that employees of a PSU are being rewarded, a senior Steel Ministry official said it is "a token of appreciation for their work".
The domestic steel producers, including SAIL, are passing through tough times now due to waning demand and prices, but had a magical run till September last year.
In the second quarter ended September 30, 2008, SAIL registered an 18.19 per cent jump in its net profit to Rs 2,009.60 crore. The company had a net profit of Rs 1,700.24 crore in the September quarter of FY'08.
The PSU currently produces about 15 million tonnes of steel and has embarked on a Rs 78,000-crore expansion plan to augment its capacity to 26.2 million tonnes by 2010. PTI
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