• Bibhu Prasad Nayak appointed as the Chief Financial Officer (CFO) of RITES Ltd in addition to the charge of Director (Finance)
• Nayak has been appointed to the post with effect from July 1 based on the recommendations of the Nomination and Remuneration Committee

New Delhi: The Board of Directors of RITES Limited at its meeting held on Wednesday has approved the appointment of Bibhu Prasad Nayak as the Chief Financial Officer (CFO) of the Company in addition to the charge of Director (Finance). He has been appointed to the post with effect from July 1 based on the recommendations of the Nomination and Remuneration Committee. He shall be appointed in place of RITES' Chief General Manager (Finance) and CFO Parmod Narang who is superannuating on June 30.

Nayak has been serving as Director (Finance) of RITES Limited since November 7, 2019.

Nayak is a qualified Cost Accountant and B Tech in Metallurgy from the Indian Institute of Technology, Kharagpur. Prior to joining RITES Limited as Director (Finance), he worked as an Executive Director (Finance) in SAIL's Bhilai Steel Plant of Steel Authority of India Limited (SAIL). He has vast experience of over 34 years in SAIL-Bhilai Steel Plant, in the area of finance, technical and project management. Under his leadership in SAIL-BSP, the modernisation and expansion program involving the investment of Rs 20,000 crores was executed. As Chairman of PF Trust of Bhilai Steel Plant, he managed a corpus of Rs 5,000 crore having an annual investment of Rs 600 crore.

Nayak has undergone an Advanced Management Program in Administrative Staff College of India, Hyderabad along with a study tour to Belgium, the Netherland and France. He has been accredited as a Certified Director from the Institute of Directors.

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RITES Limited

RITES Limited is a Miniratna PSU under the Ministry of Railways. It is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has experience spanning 46 years and has undertaken projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East regions. RITES Limited is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).

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