New Delhi, Nov 30: The wind has changed direction at the Centre just as two public sector mega corporations, the National Thermal Power Corporation (NTPC) and the Steel Authority of India Limited (SAIL), are awaiting the key to their new-found autonomy as `navaratnas'.

The ``search committee'' headed by Public Enterprises Selection Board (PESB) chairman N Vittal, was expected to announce the names of the first list of non-functional directors this week, that will bring in new blood and dynamism into the state-owned money-spinners.

Announcing norms for restructuring and broadbasing the navaratna and mini-ratna boards last month, the union industry ministry had specified that the enhanced autonomy of the public sector enterprises would become effective only after their boards were been revamped.

Steel behemoth SAIL is waiting to be infused with new blood so it can set to work on its reoriented policies. A 86.5 per cent dip in net profit from Rs 361.45 crore in the first half of last year to Rs 48.53 crore this year, was accompanied by a boardroom reshuffle. Chairman Arvind Pande seems to be attempting more than filling up empty chairs. Two inevitable exits, that of director (personnel) B N Singh to Rashtriya Ispat Nigam Limited as its chairman and managing director, and the superannuation of Uma Kant Mittal as director commercial, necessitated some cosmetic changes.

Sources at Ispat Bhavan say the new team is being built to take on the challenges ahead, like an aggressive marketing strategy and a more focussed export thrust.

The real drive behind the new zeal is expected to come from the four eminent professionals that the ``search committee'' is expected to gift SAIL soon and the unshackling of red tape that should follow.

Joint ventures, strategic alliances and investments upto Rs 300 crore (or five per cent of their net worth) will be at the discretion of the PSU boards rather than administrative ministries or Central panels like the Public Investment Board.

Industry sources, who had predicted that the names of the first four non-functional directors for NTPC would be announced within the coming few days, did not sound as optimistic on Saturday evening.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.