SAIL Crosses Rs 10,000 Cr Procurement Mark on GeM Portal Since Inception

 

Located in New Delhi, India, Steel Authority of India Limited is a central public sector organization. It is owned by the Ministry of Steel, Government of India, and will have a 2021–22 fiscal year revenue of INR 1,03,480 billion.

Five integrated plants and three special steel plants operated by SAIL, primarily in India's eastern and central regions and close to domestic raw material sources, produce iron and steel.

 The steel producer produces and markets a variety of steel goods. The largest steel-producing company in the nation is SAIL, which is part of the Ministry of Steel and has an annual capacity of more than 20 million tonne.

GeM is an entirely digital, cashless, system-driven e-marketplace that makes it possible to buy common goods and services with little to no human interaction.

 GeM SPV (Special Purpose Vehicle), a wholly owned, nonprofit corporation run by the Ministry of Commerce and Industries of the Government of India, is the owner of the platform.

Due to a sharp increase in buying activities by various ministries, public procurement of goods and services has exceeded Rs 1 lakh crore from government buying portal GeM since the platform was launched in August 2016.

 SAIL has taken the lead in collaborating with GeM and has been actively involved in developing various functionalities to expand the portal's audience.

Recently they announced that Since the portal's launch, it has made purchases totaling Rs. 10,000 crore through the Government-e-Marketplace (GeM).

The Ministry of Steel announced in a statement that Steel Authority of India Limited (SAIL) had become the first Central Public Sector Enterprise (CPSE) to reach the significant milestone of procurement value of 10,000 (Ten Thousand) Crore through the Government-eMarketplace (GeM) since inception.

The government reported that SAIL has already surpassed the entire value of Rs. 10,000 crore this year from a modest starting of Rs. 2.7 Crore in FY18-19.

 With a value of Rs. 4,614 Crore, SAIL was the top CPSE procurer on GeM in the previous financial year.

With over Rs. 5,250 Crore in purchases made so far this fiscal year, SAIL has already outperformed its performance from the prior year. The company is also committed to significantly increasing the volumes on GeM.

SAIL withheld data pertaining to goods bought through the government portal.

 

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