SAIL Shareholders Approve Massive Party Transactions

SAIL shareholders approved resolutions for material related party transactions with NTPC-SAIL Power Company, Bokaro Power Supply Company, and Minas De Banga Limitada, collectively worth up to Rs 19,500 crore. SAIL Chairman Amarendu Prakash highlighted record production and sales turnover during FY24.

In a move that underscores its ambitious growth strategy, SAIL shareholders have greenlit several critical resolutions, authorising the board to execute material-related party transactions worth up to Rs 19,500 crore. These transactions involve NTPC-SAIL Power Company, Bokaro Power Supply Company, and Minas De Banga Limitada.

The resolutions were passed during SAIL's 52nd Annual General Meeting held in the national capital. Specifically, the board is authorised to carry out transactions up to Rs 9,000 crore with NTPC-SAIL Power Company from April 1 until the AGM in FY26.

Additionally, transactions worth Rs 4,500 crore with Bokaro Power Supply Company and Rs 6,000 crore with Minas De Banga Limitada have been approved, all effective from April 1, 2024, till FY26. SAIL Chairman Amarendu Prakash reported record-breaking production and sales figures, signaling a strong year for the steel giant.

(With inputs from agencies.)