Ajit Kumar Saxena Takes Additional Charge as CMD of Troubled RINL

Ajit Kumar Saxena, currently CMD of MOIL, has been assigned the additional charge of CMD at Rashtriya Ispat Nigam Ltd (RINL). The move comes as Atul Bhatt, the previous CMD of RINL, is on personal leave until his retirement. RINL faces severe financial issues, with debts exceeding Rs 35,000 crore.

The government has assigned Ajit Kumar Saxena, currently the Chairman and Managing Director (CMD) of MOIL, an additional charge as CMD of Rashtriya Ispat Nigam Ltd (RINL), according to a regulatory filing issued on Monday.

The decision follows the personal leave of RINL's CMD Atul Bhatt from September 9 to November 30, coinciding with his superannuation date. Bhatt's absence comes at a critical time for RINL, which is grappling with severe financial and operational challenges.

RINL, a major steel manufacturing company under the Ministry of Steel, operates a 7.5 million tonne plant in Visakhapatnam, Andhra Pradesh. According to a steel ministry document, RINL's debts have skyrocketed above Rs 35,000 crore, and it risks being classified as a non-performing asset by banks. The ministry is coordinating with the finance ministry on measures to keep the company operational.

(With inputs from agencies.)