India has set up a panel to turn around loss-making Steel Authority of India Ltd (SAIL) and help the state-owned company increase production, Minister of State for Steel Vishnu Deo Sai said in the lower house of Parliament on Monday.

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Reuters reported in March that an expert panel was set up to revive SAIL after a government review found the company to be far less efficient than its rivals despite spending more than $10 billion in the past eight years.

"The terms of reference of the committee include chalking out a plan with focus on increasing production, sales and improving financial health of SAIL," the minister told lawmakers in a written reply, adding that the panel would also look at specific measures to improve SAIL`s units.

Due to steps taken by the government in 2016/17, SAIL could increase its domestic sales by 4 percent to 12.4 million tonnes in 2016/17, the minister said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)