New Delhi, Sep 25 (IANS): In a bid to bring in decentralisation and better decision- making in the state-run Steel Authority of India Ltd (SAIL), the Appointments Committee of the Cabinet (ACC) has approved the restructuring of the company board.

An official statement said on Friday that the four posts of the Chief Executive Officers of Integrated Steel Plants of SAIL will be elevated as Functional Directors, by designating them Directors-incharge of Bokaro, Rourkela, Bhilai Integrated Steel Plants and one in charge jointly for Burnpur and Durgapur plants.

"The approved restructuring of the SAIL Board also involves merging the functions and duties of the post of Director (Raw Materials and Logistics) and that of Director (Projects, and Business Planning) with the post of Director (Technical) and its consequent re-designation as Director (Technical, Projects and Raw Materials)," said the Ministry of Steel's statement.

The restructured board of directors will consist of Chairman, Director (Finance), Director (Commercial), Director (Technical, Project and Raw Materials), Director (Personnel), Directors-incharge of ISPs, Non-official Directors as per the Companies Act, 2013 and two directors nominated by the government as per the DPE policy.

It noted that the restructuring of the board will facilitate greater decentralisation and fast decision-making with the Directors-incharge of plants as direct ACC appointees, with their views having weight in the central corporate governance structure.

This will also facilitate speedy modernisation and expansion program of SAIL, the statement added.

SAIL has a vision of reaching 50 million tonnes of capacity through brownfield/greenfield expansion and this input has also been considered while formulating the National Steel Policy 2017, which envisages 300 million tonne capacity in the country by 2030-31.

"Directors-incharge of ISPs would in turn be critical in having the corporation respond with agility in a globally challenging environment," it said.