A K Saxena Assumes Additional Charge as CMD in RINL

Shri AK Saxena, CMD (Chairman and Managing Director), MOIL (Manganese Ore India Limited) assumed additional charge of the post of CMD (Chief Managing Director) at RINL (Rashtriya Ispat Nigam Limited), the corporate entity of Visakhapatnam steel plant.

Ajit Kumar Saxena

• The government has assigned the additional charge of CMD RINL to Ajit Kumar Saxena.
• Saxena is currently the Chairman and Managing Director (CMD) of MOIL, 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.
• Also Atul Bhatt will retire on 30th November that’s why Saxena will assume additional charge to improve conditions and growth of RINL.

About RINL

• Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, is a steel manufacturing company.
• It owns and operates a 7.5 million tonne plant at Visakhapatnam in Andhra Pradesh.

Facing Issues

• The company has been facing severe financial and operational issues.
• According to a steel ministry document, RINL is in serious financial trouble. It has been running at minimal capacity and facing continuous losses. The overall dues of RINL have gone above Rs 35,000 crore and it is at the risk of being classified as a non-performing asset by banks.
• The document said that the ministry is taking steps to keep RINL as a ‘going concern’ in consultation with the finance ministry.