New Delhi: M Nagaraj has been given the additional charge of the post of Chairman and Managing Director (CMD) Housing and Urban Development Corporation Limited (HUDCO) by the Ministry of Housing and Urban Poverty Alleviation. Nagaraj is currently serving as Director (Corporate Planning) in the same organisation. Nagaraj has taken over the additional charge of the CMD post on January 7. "He has been appointed for a period of three months with immediate effect or until further orders whichever is earlier, for performing usual routine day-to-day work of non-statutory nature attached to the post," HUDCO said in a regulatory filing to the stock exchange on Wednesday. With his new appointment, Nagaraj has succeeded Dr M Ravi Kant, who was serving the organisation since April 11, 2014.
Nagaraj is a qualified cost accountant and company secretary and is also a certified banker with a qualification from CAIIB. He holds a post-graduate degree in management (MBA) with specialisation in finance. Prior to joining HUDCO, he was Chairman-cum-Managing Director of PEC Limited (formerly Projects and Equipment's Corporation of India Limited) under the Ministry of Commerce and Industry. He has varied experience of around 28 years in a multitude of sectors such as housing, infrastructure finance, skill development and microfinance in the social sector and international trading. He has strong fundamentals in managerial capabilities and e-governance for the corporate sector.
HUDCO is a Miniratna PSU under the Ministry of Housing and Urban Poverty Alleviation. It is the premier techno-financing PSE, in the field of housing and infrastructure development in the country. HUDCO started financing the development of infrastructures in 1989. The priority was given for infrastructure facilities, including projects in the sectors of drainage, electricity, water supply, sewerage, solid waste management and roads in urban areas. Later, social infrastructure components like primary schools and playgrounds, hostels for working women, healthcare centres, police stations and jails, courts received the benefit of funding for a low cost.
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