New Delhi: State-owned KIOCL Limited has announced the appointment of three Non-Official Independent Directors to its Board of Directors.
The appointments were made by the Ministry of Steel, Government of India, through an order dated July 14, 2026 (Order No. 1/1/2026-BLA).
The newly appointed Independent Directors are:
- Mr. Rakesh Modi
- Mr. Subhash Chandra Saraf
- Mr. Avtar Singh
According to the official notification, each director has been appointed for a three-year tenure from the date of notification or until further orders, whichever is earlier.
Rakesh Modi Brings Experience in Public Administration and Social Service
Rakesh Modi has extensive experience in public administration, civic governance, and social service.
Over the years, he has held several leadership positions, including:
- Vice President, Indian Red Cross Society
- National Vice President, Akhil Indian Maheshwari Yuva Manch (2018–2021)
- Vice Chairman, Nagar Nigam (2013–2018)
His experience in governance and community leadership is expected to contribute to KIOCL’s corporate governance framework.
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Subhash Chandra Saraf Has Over 40 Years of Corporate and Financial Expertise
Subhash Chandra Saraf brings more than four decades of professional experience in:
- Audit
- Taxation
- Corporate consultancy
- Mergers and acquisitions
- Business process re-engineering
- Information security
- Risk management
- Internal audit
He has previously served as an Independent Director on the boards of two Navratna Central Public Sector Enterprises (CPSEs):
- NBCC (India) Limited (2011–2014)
- The State Trading Corporation of India Limited (2012–2015)
His extensive corporate governance and financial expertise is expected to add significant value to KIOCL’s Board.
Avtar Singh Brings Industry and Grassroots Leadership Experience
Avtar Singh holds a Bachelor of Science (B.Sc.) degree from the University of Kashmir.
He has over 18 years of experience in the pharmaceutical industry, primarily in:
- Marketing
- Sales
- Business development
His work has covered Jammu & Kashmir, Punjab, and Himachal Pradesh, where he also served as Zonal Head (North Zone).
Apart from his corporate experience, Avtar Singh has held several elected positions in local governance, including:
- Sarpanch
- Block Development Council Chairman
- District Development Council Member in the Union Territory of Jammu & Kashmir
His combination of industry expertise and public service experience is expected to strengthen the Board’s strategic perspective.
Compliance with SEBI Regulations
KIOCL stated that:
- None of the newly appointed directors is related to any existing member of the Board.
- None of them has been debarred by SEBI or any other regulatory authority from holding the office of Director.
- The appointments have been disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company has also submitted the required disclosures to the:
- National Stock Exchange (NSE)
- BSE Limited
- Metropolitan Stock Exchange of India (MSE)
Strengthening Corporate Governance at KIOCL
The appointment of three experienced Independent Directors reflects KIOCL’s continued focus on strengthening its corporate governance framework. With expertise spanning public administration, finance, corporate strategy, governance, risk management, and industry operations, the new Board members are expected to contribute to the company’s strategic decision-making and long-term growth initiatives.
About KIOCL
KIOCL Limited is a Miniratna Category-I Central Public Sector Enterprise (CPSE) under the Ministry of Steel, Government of India. The company is engaged in the production and export of iron ore pellets and operates integrated mining and beneficiation facilities. KIOCL also provides engineering, consultancy, and project management services while supporting India’s steel industry through sustainable mining and value-added mineral processing.
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