Shri Ajit Kumar Saxena, who currently serves as the CMD (Chairman and Managing Director) of MOIL, has taken on additional responsibilities as the CMD of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of the Visakhapatnam Steel Plant. Saxena’s appointment comes during a critical time for RINL, as it faces significant financial and operational difficulties.
Ajit Kumar Saxena Assumes Leadership
Ajit Kumar Saxena has been assigned the additional charge of RINL’s CMD by the government. Saxena is already serving as CMD of MOIL, a public sector enterprise under the Ministry of Steel. He steps in following the absence of Atul Bhatt, who is currently on leave and set to retire by the end of November. Saxena will work to address the ongoing issues at RINL and ensure its growth and stability.
About Rashtriya Ispat Nigam Limited
RINL is a state-owned steel producer under the Ministry of Steel, operating a 7.5 million-tonne steel plant in Visakhapatnam, Andhra Pradesh. However, the company is currently facing significant financial challenges.
Challenges Faced by RINL
Rashtriya Ispat Nigam Limited has been grappling with severe financial and operational challenges. According to a document from the Ministry of Steel, RINL’s debts have surpassed ₹35,000 crores, and the company is at risk of being classified as a non-performing asset by banks. Despite these difficulties, the Ministry of Steel, in consultation with the Ministry of Finance, is working to ensure Rashtriya Ispat Nigam Limited remains a ‘going concern’ and continues operations.
Key Information About RINL and Saxena’s Role
| Position | Name | Company | Role |
| CMD of RINL | A K Saxena | Rashtriya Ispat Nigam Limited (RINL) | Assumed additional charge |
| CMD of MOIL | A K Saxena | MOIL | Current position |
| Current CMD on leave | Atul Bhatt | RINL | Retiring on 30th Nov |
Also Read Latest Current Affairs 2024
Ajit Kumar Saxena is the CMD of MOIL and has now assumed additional charge as CMD of Rashtriya Ispat Nigam Limited.
Rashtriya Ispat Nigam Limited is a steel manufacturing company under the Ministry of Steel.
Rashtriya Ispat Nigam Limited is dealing with financial difficulties, including debts exceeding ₹35,000 crore.
Saxena was appointed CMD in the absence of Atul Bhatt, who is on leave and will retire on 30th November.
The Ministry of Steel is working with the Ministry of Finance to keep Rashtriya Ispat Nigam Limited operational and address its financial issues.
