After securing clearance from anti-corruption body CVC, Rashtriya Ispat Nigam’s current Finance Director P. Madhusudan is set to become the state-run steel maker’s Chairman and Managing Director from January 1, 2014.
Chief Vigilance Commission (CVC) granted Mr. Madhusudan the clearance earlier this week, nearly six months after the Public Enterprises Selection Board (PESB) had recommended his name for the top post in Rashtriya Ispat Nigam (RINL) in June this year.
The top post of RINL will fall vacant following incumbent A.P. Choudhary’s superannuation on December 31.
Mr. Madhusudan, who has been working in RINL since November 2009, will take charge at a time when the PSU is relatively in a better shape with ongoing capacity expansion of 6.3 million tonnes per annum (mtpa) from 3 mtpa now is nearing completion.
The company, which did not have any captive mine so far, has also recently got a couple of them and is on the verge of getting a couple more, easing some pressure on the company’s margin.
However, Mr. Madhusudan will have a bigger job of embarking on an ambitious programme to increase the capacity of the company to 20 mtpa.
A qualified Chartered Accountant, Cost Accountant and Company Secretary, Mr. Madhusudan started his career as Jr. Manager (Finance) in Bhilai Steel Plant in 1983.
After serving in the plant for around 24 years in various capacities, he moved to IISCO Steel Plant, Burnpur as General Manager (Finance). From here, he moved on to RINL.
PESB chose him as RINL’s next CMD in June this year from among eight aspirants that include heads of two SAIL steel plants, Braithwaite Managing Director S.K. Rishi and NMDC’s Technical Director N.K. Nanda.