State-owned MOIL on Friday said Ajit Kumar Saxena has assumed charge as its Chairman-cum-Managing Director (CMD).
Prior to this assignment, Saxena was serving as Director (Operations) at RINL-Visakhapatnam Steel Plant. He has over 36 years of experience in steel sector with wide experience in technical, operational and project management areas
According to the Ministry of Steel, Saxena started his career as a Management Trainee (Technical) in Steel Authority of India Limited (SAIL) in 1986 and thereafter held various positions like Chief General Manager, Mills, IISCO during his long tenure in SAIL. Stay on Burnpur and General Manager, Bhilai Steel Plant etc.
Saxena holds a B.Tech degree in Metallurgy from the Institute of Technology, Banaras Hindu University and also holds an MBA. He is the recipient of “Young Metallurgy of the Year Award” for the year 2000 from Ministry of Steel.
MOIL, under the Ministry of Steel, is the largest producer of manganese ore in the country and operates 11 mines in Maharashtra and Madhya Pradesh.
The company holds about 34% of the country’s manganese ore reserves and is contributing about 45% of the domestic production. MOIL has an ambitious vision to almost double its production to 3.00 million tonnes by 2030.
Company’s consolidated net profit fell 7.4% 51.38 crore despite a 4.5% increase in net sales 267.70 crore in Q2 FY23 over Q2 FY22.
MOIL shares closed up 0.81% 161.40 on the Bombay Stock Exchange (BSE) on Friday.
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