The recently-retired Chairman of Rashtriya Ispat Nigam (RINL) A P Choudhary has been offered a full-time advisor's position by state-run iron ore miner NMDC with an annual package of Rs 50 lakh and perquisites.
Choudhary, who retired from state-run RINL after attaining the age of superannuation on December 31 last year, had been at the helm of the public sector steel maker since August 2011.
The new posting, subject to approval of Steel Ministry, will divide his time between Hyderabad, NMDC's head office and Nagarnar, where NMDC is setting up a three million tonnes per annum (MTPA) steel plant in Chhattisgarh. He would report to the company's Chairman and Managing Director.
"The management of NMDC is pleased to engage you as full- time principal advisor... The period of assignment shall be initially for three years," NMDC said in an offer letter to Choudhary.
The iron ore miner, however, said, "the performance shall be reviewed at the end of each year against the milestones for continuity or otherwise."
Choudhary would not have any delegated financial powers at NMDC, but he would have full administrative powers on technical matters for the implementation of the projects in the steel plant at Nagarnar.
"A consolidated amount of Rs 50 lakh per annum shall be payable for the said engagement," NMDC said. Perquisites, at par with NMDC's functional directors, would also be accorded to him which includes accommodation at Nagarnar and HRA, at prevailing rates, for staying in Hyderabad.
He would also be entitled for medical facilities, a car with driver and telephone facilities.
"Since you were holding a Board level position as CMD in a PSU having dealing with NMDC, the above appointment shall be after you obtaining clearance from the Ministry of Steel," NMDC said.
RINL has recently been allocated one iron ore mine in Rajasthan and three in Andhra Pradesh though none of them are operative yet. It depends on NMDC for iron ore.
