The government has assigned Ajit Kumar Saxena, currently serving as the Chairman and Managing Director (CMD) of MOIL, an additional role as CMD of Rashtriya Ispat Nigam Ltd (RINL). The Ministry of Steel confirmed the appointment through an order issued on September 29, 2024, stating that Saxena would take on the new responsibility with immediate effect.
This temporary arrangement comes as the current CMD of RINL, Atul Bhatt, is on personal leave from September 9 to November 30, coinciding with his retirement date.
RINL, a steel manufacturing entity under the Ministry of Steel, operates a 7.5 million tonne plant in Visakhapatnam, Andhra Pradesh. The company has been grappling with severe financial challenges, operating at minimal capacity and accumulating over Rs 350 billion in dues, putting it at risk of being classified as a non-performing asset by banks.
According to a Steel Ministry document, RINL currently has three blast furnaces (BF) of 2.5 MT capacity each, but only one is operational. The ministry is working with the finance ministry to implement measures aimed at stabilising the company and ensuring it remains a 'going concern.' (ET)
