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The government has assigned the additional charge of RINL's CMD to Ajit Kumar Saxena.

Appointment | Dated: 11 Oct 2024

Ajit Kumar Saxena has been appointed as the additional Chairman and Managing Director (CMD) of Rashtriya Ispat Nigam Limited (Vizag Steel), a Central Public Sector Undertaking (CPSU) based in Visakhapatnam, Andhra Pradesh. He will assume this new role immediately.

🎯 Key Highlights:

  • - Ajit Kumar Saxena is currently the Chairman and Managing Director (CMD) of MOIL(Manganese Ore (India) Limited ), a PSU under the Ministry of Steel.
  • - He will take charge in the absence of Atul Bhatt who has been on leave until 30th November.

💡 Other Important Facts:

  • (i) Additionally, since Atul Bhatt will retire on 30th November, Saxena will take on extra responsibilities to enhance the conditions and growth of RINL.
  • (ii) A steel ministry document reveals that RINL is facing significant financial difficulties. The company has been operating at minimal capacity and incurring ongoing losses. Its total dues have exceeded ₹35,000 crore, putting it at risk of being classified as a non-performing asset by banks.

📚 Test Your Knowledge:

Who has been Recently assigned the additional charge of RINL's CMD by the government?

Correct Answer: Ajit Kumar Saxena

🚀 Quick Recap:

About Rashtriya Ispat Nigam Ltd (RINL)

  • Founded: 1982
  • Headquarters: Visakhapatnam