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SAIL Chairman conferred IOD fellowship

New Delhi, August 20, 2004

Shri V.S. Jain, Chairman, Steel Authority of India Ltd (SAIL), has been conferred the prestigious fellowship of the Institute of Directors (IOD), the apex association of company directors which is committed to improving competitiveness of Indian business through development of leadership. The former Chief Justice of India, Justice A.M. Ahmadi, awarded the fellowship on behalf of IOD to Mr Jain at the 15th Foundation Day celebrations of IOD held here today. Every year, the IOD Council honours persons of eminence for award of distinguished fellowship.

Mr Jain also received the prestigious Golden Peacock Innovation Award 2004 from the Union Minister of Science & Technology and Ocean Development, Mr Kapil Sibal, on the occasion. Instituted by the IOD and World Environment Foundation, the award recognises the innovative contributions of SAIL’s Research & Development Centre for Iron & Steel (RDCIS) in the area of iron & steel technology.

Mr Jain was selected for the IOD fellowship award for his exceptional leadership qualities that contributed to the turnaround of SAIL in 2003-04 with a record profit of Rs 2,512 crore. The award also acknowledged Mr Jain’s contribution in fostering the culture of cost reduction in the company. The SAIL Chairman is also a fellow of the Institute of Chartered Accountants of India as well as the Institute of Cost and Works Accountants of India.

Under Mr Jain’s leadership, a major thrust has been laid on R&D activities in SAIL, targeting cost cutting, quality improvement and removing technological constraints. He has enthused research engineers of SAIL to come out with several innovations, which have helped the company in achieving cost reduction targets. SAIL’s efforts in these directions have found recognition earlier in the ICWAI National Award 2003 for Excellence in Cost Reduction.

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