Ajit Kumar Saxena takes charge as MOIL CMD


State-owned MOIL on Friday said Ajit Kumar Saxena has assumed charge as its Chairman-cum-Managing Director (CMD).

Prior to this assignment, Saxena held the position of Director (Operations) at RINL-Vishakhapatnam Steel Plant. He has 36 years’ experience in Steel Sector with wide experience in technical, operational and project management areas

According to Ministry of Steel, Saxena started his career as a Management Trainee (Technical) in Steel Authority of India Ltd (SAIL) in 1986 and thereafter, held various positions during his long tenure in SAIL such as Chief General Manager, Mills, IISCO, Burnpur and General Manager, Bhilai Steel Plant, etc.

Saxena holds B. Tech degree from Institute of Technology, Banaras Hindu University in Metallurgy and has also acquired an MBA. He is a recipient of “Young Metallurgy of the year Award’’ for the year 2000 from Ministry of Steel.

MOIL, under the steel ministry, 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 manganese ore reserves of the country and is contributing approximately 45% of the domestic production. MOIL has an ambitious vision of almost doubling its production to 3.00 million tons by 2030.

The company’s consolidated net profit declined 7.4% to 51.38 crore despite of 4.5% rise in net sales to 267.70 crore in Q2 FY23 over Q2 FY22.

Shares of MOIL ended 0.81% higher at 161.40 on the Bombay Stock Exchange (BSE) on Friday.

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