KOLKATA: The Public Enterprises Selection Board (PESB) has shortlisted Mr P Madhusudan as the new chairman and managing director (CMD) of state owned steel major, RINL. If selected, Mr Madhusudan who is currently the director (finance) of the company, is slated to take charge on January 1, 2014 with the current incumbent, Mr A P Chaudhury, due to retire on December 31, 2013.
PESB, which advises the government on appointments to top managerial posts, made these recommendations after interviewing eight aspirants for the job on Thursday. Those in the fray included CEOs of two steel plants of SAIL, Braithwaite managing director S K Rishi, NMDC's technical director N K Nanda, Neyveli Lignite's director (human resources) Sarat K Acharya and HECL's director (production) Kushal Saha.
"Following the PESB's shortlist, the names will be subject to vigilance clearance and then sent to the union steel ministry which is also the administrative ministry for RINL. After thesteel minister approves it, the final clearance will be subject to the approval of the appointments committee of the cabinet headed by the prime minister," a top government source close to the developments said.
If he is selected for the top job , Mr Madhusudan who is due to retire in 2019, will have a tenure of six years as CMD. A qualified Chartered Accountant, Cost Accountant and Company Secretary, Mr Madhusudan started his career as junior manager (finance) at SAIL's Bhilai Steel Plant in 1983. After serving in the plant for 24 years in various capacities he moved to IISCO Steel Plant, Burnpur as General Manager (Finance).
The change in top leadership comes at a time when RINL is spending Rs 30,000 crore to expand capacity. RINL is also engaged in an aggressive bid to ensure raw material security through acquisition and joint ventures for iron ore and coal to reduce dependence on the market for key steel making inputs. RINL which has completed its expansion to 6.3 mt will add an additional one million tonne of capacity through repairs and modernisation of its blast furnaces by 2013-14. This will require an investment of Rs 7,000 crore. However, bulk of the investment will be made in increasing capacity to 11.5 mt in the next few years.