Audit Reports
Commercial
Report No. 23 of 2015 - Performance Audit on Modernisation and Expansion Plan in Steel Authority of India Limited Union Government, Commercial
Overview
National Steel Policy 2005 envisaged a compounded annual growth of 7.3 per annum of steel production during 2004-2020.The Company aimed to take advantage of the buyont steel market conditions by moving quickly to implement the entire modernization and expansion plan (MEP) to enhance hot metal production from 13.83 million tonnes per annum (mpta) in 2006-07 to 23.46 mtpa.It also compressed the implementation period by two years to year 2010 against 2012 set out in the Corporate Plan.
This performance Audit covered the entire range of activities from 2006-07 to 2012-13 relating to the implementation of the MEP undertaken in five integrated steel plants,Salem Special Steel Plant and captive mines.Audit selected 244 contracts valuing Rs 43,825 crore(90 percent) out of 852 MEP contracts valued at Rs 48,810 crore awarded up to March 2013.All the contracts of Rs 100 crore and more valuing Rs 37,274 crore were reviewed in audit.