New Delhi: In a significant administrative move, the Ministry of Steel has assigned Manish Raj Gupta, Director (Technical, Projects & Raw Materials) at Steel Authority of India Limited (SAIL), additional charge as Chairman and Managing Director (CMD) of Rashtriya Ispat Nigam Limited (RINL), effective from January 1, 2026. The assignment is set to continue for one year or until a permanent CMD is appointed, whichever occurs first.
CMD Appointment Pending ACC Approval
RINL, the Visakhapatnam-based steel PSU, has been without a full-time CMD since Atul Bhatt retired on November 30, 2024. Previously, S. Sakhtamani, Director (Finance) at FACT, was selected by the Public Enterprises Selection Board (PESB) in September 2024 for the post. However, his appointment could not proceed due to the lack of clearance from the Appointments Committee of the Cabinet (ACC), leaving the CMD position vacant and creating prolonged administrative uncertainty.
Multiple Interim Leadership Changes
Since Atul Bhatt went on leave ahead of retirement, RINL has witnessed multiple interim leadership transitions. Initially, A.K. Bagchi, Director (Projects), RINL, held the charge, followed by Ajit Kumar Saxena, CMD of MOIL, in September 2024. With Manish Raj Gupta now stepping in, RINL has seen yet another leadership shift, highlighting the ongoing instability at the helm of the steelmaker.
Operational and Financial Challenges
RINL has faced severe operational and financial stress in recent years. Due to raw material shortages, the company could not operate two of its three blast furnaces, resulting in significant monthly losses. The PSU also defaulted on bank repayments, causing its credit rating to be downgraded to the ‘C’ category. Additionally, statutory dues, salary payments, PF contributions, and retirement benefits have been challenging to meet, raising concerns among employees.
Employee Concerns Amid Uncertainty
Frequent leadership changes and the absence of a permanent CMD have added to employee anxiety, as the company continues to navigate its financial and operational difficulties. While Manish Raj Gupta’s appointment aims to provide temporary administrative continuity, stakeholders remain keenly awaiting a full-time CMD with ACC approval to stabilize leadership at RINL.
About Rashtriya Ispat Nigam Limited (RINL)
RINL, headquartered in Visakhapatnam, is a leading integrated steel producer in India and operates under the administrative control of the Ministry of Steel. Established in 1982, RINL manufactures a wide range of steel products and plays a critical role in the country’s steel industry. Despite facing operational challenges in recent years, RINL continues to be a strategic PSU in India’s steel sector.
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