NMDC to take 100 RINL Executives In 1st Phase On Deputation

 NMDC has affirmed to accept 100 executives of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of loss-making Visakhapatnam Steel Plant on a deputation basis to the three million tonne integrated steel plant of NMDC Steel Limited (NSL) at Nagarnar in Bastar district of Chhattisgarh.

Although both NSL and RINL are listed for disinvestments, the former EoIs have already been sought.

For RINL, a due diligence study for valuation is pending due to stiff opposition by the employees to January 21, 2021, Cabinet Committee on Economic Affairs’ in-principle clearance for 100 percent privatization.

The unions had first demanded the merger of RINL with NMDC and SAIL and later after NMDC’s reluctance, sought amalgamation of RINL and SAIL as a solution to overcome working capital and raw material insecurity.

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In a letter dated September 15, 2024, addressed to RINL CMD AK Bagchi, NMDC CMD Amitava Mukherjee said they were envisaging a deputation/loan of 100 executives. The company furnished a detailed factory/department-wise list of positions.

Mukherjee stated in the letter, “NSL would be offering a package consisting of the basic pay plus DA to the selected executives and paying them the remuneration directly.

Further, statutory payment of PF contribution would be remitted by NSL to the designated account.” This will be without prejudice to RINL paying them any residual portion of their pay based on their current pay structure and austerity measures. Accommodation will be provided on a shared basis, NSL clarified. NSL also stated that about other executives and non-executives, it is holding discussions with their organised unions and further details and way forward will be informed

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