NEW DELHI: The Appointments Committee of the Cabinet (ACC) has cleared the name of MoyukhBhaduri for the post of Chairman and Managing Director of the Kolkata-basedHindustan Steelworks Construction Ltd (HSCL), a source said.
HSCL, which is into the construction of steel plant and building infrastructure, had been without a full-time CMD since July 2012 following incumbent Malay Chatterjee's appointment as CMD of Kudremukh Iron Ore Company Ltd (KIOCL).
Chatterjee, however, was given the additional charge of HSCL as well till the time a new appointment is made.
The Public Enterprises Selection Board had recommended Bhaduri, currently FinanceDirector of the state-run firm, for the top job back in November last year, the source said.
"He will take over soon," the source said. Bhaduri had joined HSCL in mid 2011 as Finance Director from Steel Authority of India's Bhilai Steel Plant, where he was working as a Deputy General Manager.
The new CMD will have the daunting task of turning the loss-making PSU into the black. The new chief is slated to remain in the top post for five years from the date of taking over.
HSCL has been in the red since 2002-03, as per company website. It had registered Rs 28.08 crore loss in 2011-12.
A Rs 1,440-crore financial re-structuring proposal of the firm is still awaiting the official nod. The restructuring plan of the firm has been prepared consisting of re-scheduling of bank loans, conversion of government loans into equity, waiver of outstanding interest and government guarantee fee.
The most significant part of the restructuring proposal is that it does not involve any cash infusion by the government.
Following the restructuring, HSCL's networth would be positive, and it would be able to participate in high-value projects.