SAIL Expands Global Footprint with New Office in Dubai
SAIL's New Office Launch in Dubai
New Delhi, July 4: Steel Authority of India Limited (SAIL) has officially opened its inaugural representative office in Dubai, a pivotal move in the company's strategy for global expansion.
The inauguration was led by Union Minister of Steel and Heavy Industries H.D. Kumaraswamy, alongside the Consul General of India in Dubai, Satish Kumar Sivan, SAIL's chairman and managing director Amarendu Prakash, and other senior officials.
This Dubai office is set to serve as a strategic center for SAIL, enhancing steel exports, strengthening industry connections, and bolstering trade relations between India and the UAE. Given Dubai's status as a key entry point to the Middle East and North Africa (MENA) region, along with its favorable investment climate, it is an optimal location for tapping into new markets.
According to an official statement, this initiative supports India's goal of increasing the global footprint of its steel sector and aims to meet the national steel production target of 300 million tonnes by 2030. This development signifies a major step in SAIL's journey towards becoming a competitive player in the global steel industry and highlights India's rising stature in the international steel arena.
SAIL has demonstrated robust financial results, reporting a standalone net profit of Rs 1,178 crore for the January-March quarter of 2024-25, marking a 16.5% increase from Rs 1,011 crore in the same quarter the previous year.
The company has also recommended a final dividend of Rs. 1.60 per share (with a face value of Rs. 10 per share), pending approval from shareholders at the upcoming Annual General Meeting.
During the fourth quarter of 2024-25, SAIL's revenue from operations rose to Rs 29,316 crore, reflecting a 4.9% increase compared to Rs 27,958 crore in the same quarter last year.
The steel giant's production volume surged to 5.33 million tonnes in this quarter, up from 4.56 million tonnes during the same period of the previous financial year.