India's largest steel producer SAIL's Management Training Institute, Ranchi, has signed a memorandum of understanding (MoU) with engineering and plant making giant Siemens for a period of two years for upgrading technical skills of its human resource and for bringing down the maintenance cost.
The company said in a statement, "SAIL has undertaken a massive modernization plan for expansion and technological upgrading. In order to operate these modern plants equipped with state-of-the-art technology, a lot of efforts are being made to upgrade the competence of its workforce."
According to the statement, the agreement is aimed at enhancing safety standards in work, ease in adoption of new technology and improving equipment availability to support higher growth in production and reduction in the cost of maintenance.
"The advantage of this MoU is that all concerned technical personnel of SAIL plants and units can get trained with the help of a single commercial terms and conditions, which will greatly facilitate the process of training," SAIL added.
The company decided to expand its steel plants to almost double its overall capacity to 26.3 million mt by 2010-2011.