Manish Raj Gupta – Director SAIL, Given Additional Charge as CMD of RINL; Ministry of Steel Sees Another Leadership Shuffle

In yet another leadership reshuffle within the Ministry of Steel, Manish Raj Gupta, Director (Technical, Projects & Raw Materials) at Steel Authority of India Limited (SAIL), has been entrusted with the additional charge of Chairman and Managing Director (CMD) of Rashtriya Ispat Nigam Limited (RINL).

Earlier, the interim charge of CMD, RINL, was held by Ajit Kumar Saxena, CMD of MOIL, following delays in the appointment of a full-time head for the ailing steel PSU.

CMD Appointment Stuck at ACC Level

The leadership uncertainty at RINL began after S. Sakhtamani, Director (Finance) at The Fertilisers and Chemicals Travancore Limited (FACT), was selected by the Public Enterprises Selection Board (PESB) on September 3, 2024, for the post of CMD, RINL. He was scheduled to assume charge after the superannuation of the then CMD Atul Bhatt on November 30, 2024.

However, Sakhtamani’s appointment could not materialise as his name was not cleared by the Appointments Committee of the Cabinet (ACC), creating a leadership vacuum at the Visakhapatnam-based steelmaker.

A Series of Interim Arrangements

In a surprise development, Atul Bhatt proceeded on leave ahead of his scheduled retirement, prompting the Ministry of Steel to hand over the additional CMD charge to A.K. Bagchi, Director (Projects), RINL. Subsequently, at the end of September 2024, the interim charge was shifted to Ajit Kumar Saxena, CMD, MOIL.

Now, with Manish Raj Gupta being handed the additional responsibility, RINL has witnessed yet another change at the top, reinforcing perceptions of a “musical chairs” situation within the ministry.

The copy of the order to this effect, is given below for the benefit of the viewers of www.indianpsu.com –

RINL’s Deepening Crisis

Atul Bhatt had been battling severe operational and financial challenges during his tenure. Due to prolonged issues in raw material availability, RINL was unable to operate two of its three blast furnaces, leading to mounting monthly losses. Defaults on bank repayments resulted in the PSU’s credit rating being downgraded to ‘C’ grade.

The company also struggled to meet statutory and employee-related obligations, including PF contributions, salary payments, and final settlements of retiring employees, adding to workforce unrest.

Growing Uncertainty Among Employees

With frequent leadership changes and no permanent CMD in place, developments at Rashtriya Ispat Nigam Limited are becoming increasingly uncertain and opaque, leaving executives and employees of the struggling steel PSU more confused and anxious than before.