After a gap of nearly 10 years, Steel Authority of India (SAIL), one of the largest state-owned steel making company in India, is reportedly planning to launch a nearly Rs 400 crore voluntary retirement scheme (VRS). The company's Board of Directors is likely to approve the VRS plan in its next meeting, which is scheduled towards the middle of next month. The scheme would be rolled out immediately after the board’s nod across its five integrated steel plants and non-plant set-ups, targeting both executive and non-executives. The company is aiming to reduce its workforce by about 1,500 from the current 91,000.
SAIL is India's largest steel producing company. The company is among the five Maharatnas of the country's Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.
