New Delhi: In a key leadership development for India’s railway financing sector, the Public Enterprises Selection Board (PESB) has recommended Dr. Ranjay Choudhary for the position of Director (Finance) at Indian Railway Finance Corporation Limited (IRFC), a Schedule ‘A’ Central Public Sector Enterprise. The recommendation was finalized during PESB Meeting No. 28/2026 on April 7, 2026.
Rigorous Selection Process
The PESB conducted a comprehensive selection exercise to identify a candidate with strong expertise in financial strategy, capital markets, and public sector financing. Eleven senior finance leaders from leading public sector organizations across infrastructure, energy, logistics, and finance sectors were evaluated for the role.
Senior Executives Considered for the Role
The distinguished professionals interviewed during the selection included:
- Sunil Kumar Goel – Executive Director (Finance), IRFC
- Jatin Kumar Nayak – Executive Director (Finance), REC Limited
- Mohan Lal Kumawat – Executive Director (Finance – ECB), REC Limited
- Dhiraj Mehta – Executive Director (Finance), Indian Renewable Energy Development Agency Limited
- Ananga Charan Nayak – Director (Finance), Sagarmala Finance Corporation Limited
- Dr. Ranjay Choudhary – Chief General Manager, Power Finance Corporation Limited
- Mohammad Salim – Chief General Manager, Power Finance Corporation
- Harish Chandra – Principal Executive Director (Finance) & CFO, Container Corporation of India Limited
- Sanjeev Gupta – Executive Director, Dedicated Freight Corridor Corporation of India Limited
- Pramod Jain – Chief General Manager (Treasury), Indian Oil Corporation Limited
- Randhir Sahay – Director (Finance) & CFO, IRFC
Following detailed deliberations, Dr. Choudhary was recommended as the most suitable candidate for the role. The appointment will now undergo the standard Government of India approval process, including ACC clearance.
Strategic Significance for IRFC
The Director (Finance) at IRFC plays a crucial role in managing funding strategies, investor relations, risk management, and long-term financial planning. Dr. Choudhary’s extensive experience in public sector financial management is expected to strengthen IRFC’s ability to mobilize resources for the expansion and modernization of Indian Railways.
About IRFC
Indian Railway Finance Corporation Limited (IRFC) is the dedicated financing arm of Indian Railways. As a premier Public Sector Undertaking, IRFC mobilizes funds from domestic and international markets to support railway infrastructure projects, playing a pivotal role in India’s transportation and infrastructure development.
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