Govt assigns additional charge of RINL CMD to Ajit Kumar Saxena

The government has assigned Ajit Kumar Saxena, currently 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 dated September 29, 2024, stating that Saxena would assume 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, which coincides 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 faces serious financial challenges, operates at minimal capacity and has accumulated over Rs 350 billion in contributions, 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 tonnes capacity each, but only one is operational. The ministry is working with the Ministry of Finance to implement measures aimed at stabilizing the company and ensuring that it remains a going concern.

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