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SAIL names chairman/managing director

Steel Authority of India Ltd., or SAIL, said July 1 that it named Saraswati Prasad as chairman and managing director, effective immediately, replacing P.K. Singh.

Prior to taking over the post, Prasad was the special secretary and financial adviser of India's Ministry of Steel.

In the fourth quarter of its fiscal 2018, SAIL swung to a net profit of 8.16 billion rupees, from a net loss of 7.71 billion rupees in the fourth quarter of fiscal 2017, buoyed by a 34% year-over-year rise in net sales to 168.11 billion rupees.

As of July 2, US$1 was equivalent to 68.72 Indian rupees.