Anurag Kapil Assumes Charge as Director (Finance) at India’s Iron Ore Giant NMDC

Shri Anurag Kapil, a seasoned officer of the Indian Railway Accounts Service (IRAS), has taken charge as Director (Finance) at NMDC Limited, India's largest iron ore producer, marking a significant leadership addition at a time when the mining major is expanding its footprint in domestic and global markets.

A 1998-batch IRAS officer with over 26 years of experience across Indian Railways, central ministries, and public sector enterprises, Shri Kapil brings a strong blend of financial acumen, policy expertise, and governance experience to NMDC—a Navratna PSU that contributes over 15% of India's iron ore production and plays a pivotal role in supporting the country's steel sector.

Strategic Appointment Amid Growth and Transition

NMDC is currently at the forefront of India's mining expansion strategy, with ambitious plans to increase iron ore production capacity to over 100 million tonnes per annum in the coming years. The company is also diversifying into steel production and exploring critical minerals, aligning with India's broader goals of infrastructure growth and self-reliance.

Against this backdrop, Shri Kapil's appointment is seen as strategically important, particularly in strengthening financial discipline, optimizing capital allocation, and supporting large-scale project financing.

Extensive Experience in Financial Governance and Policy

Prior to joining NMDC, Shri Kapil served as Executive Director, Finance (Expenditure) at the Railway Board—one of the largest public sector organizations globally, managing an annual budget exceeding ₹2.5 lakh crore. In this role, he was responsible for:

• Financial policy formulation and expenditure management

• Project planning, monitoring, and productivity analysis

• Budgetary control and performance evaluation across Indian Railways

His tenure was marked by efforts to enhance efficiency, rationalize expenditure, and improve financial transparency in large-scale infrastructure projects.

Key Roles Across Railways and Government of India

Over his career, Shri Kapil has held several critical leadership positions in Indian Railways, including:

• Senior Divisional Finance Manager

• Financial Advisor & Chief Accounts Officer (Traffic)

• FA&CAO (Finance & General)

• Deputy Chief Vigilance Officer

These roles provided him with deep expertise in financial oversight, contract management, arbitration, and risk assessment in complex operational environments.

He also served as Director in the Ministry of Coal, where he handled key policy and sectoral assignments. During this tenure, he contributed to the formulation of national policies in the coal sector, including regulatory frameworks and reforms aimed at enhancing transparency and efficiency.

Driving PSU Reforms and Disinvestment Initiatives

Shri Kapil has been closely associated with major public sector reforms, including:

• Capital restructuring of CPSEs

• Disinvestment proposals and execution

• Memorandums of Understanding (MoUs) for performance management

• Financial approvals and governance frameworks across Railway CPSEs

His work has supported the government's broader agenda of improving PSU efficiency, enhancing investor confidence, and unlocking value through strategic restructuring.

Leadership at CONCOR and Multimodal Expansion

In addition to his core roles, Shri Kapil held additional charge as Director (Finance) at Container Corporation of India (CONCOR), a leading logistics PSU. There, he played a key role in:

• Strengthening financial performance

• Driving diversification into multimodal logistics

• Supporting sustainable and long-term growth strategies

His experience in logistics and infrastructure finance is expected to complement NMDC's evolving business model, especially as it integrates mining with downstream and supply chain operations.

Global Exposure and Strategic Engagements

Shri Kapil has represented India at multiple international forums and engagements, including:

• Mining and clean coal technology collaborations

• Disinvestment roadshows and investor outreach

• Energy partnerships aligned with net-zero commitments

This global exposure positions him well to navigate NMDC's international collaborations and sustainability-linked financial strategies.

Board-Level Experience Across Key CPSEs

He has also served as Government Nominee Director on the Boards of several major CPSEs, including:

• Singareni Collieries Company Limited

• Mineral Exploration Corporation Limited

• Railway Energy Management Company Limited

• Konkan Railway Corporation Limited

Such board-level experience enhances his capability in corporate governance, strategic decision-making, and stakeholder management.

Strong Academic and Professional Credentials

Shri Kapil's academic background reflects a multidisciplinary approach to finance and public policy:

• B.Sc. (Hons.) in Chemistry — Hans Raj College, University of Delhi

• MBA (Finance & Marketing) — Faculty of Management Studies (FMS), Delhi

• Master's in Public Affairs — University of Minnesota, USA

He has also undergone advanced training in finance, PPP frameworks, strategic management, and vigilance, including executive programs at the Indian School of Business (ISB).

In recognition of his contributions, he was conferred the National Award for Outstanding and Meritorious Service (2009) by the Ministry of Railways.

Driving NMDC's Next Phase of Growth

With NMDC focusing on capacity expansion, value-added products, and sustainable mining practices, Shri Kapil's expertise in financial planning, project evaluation, and governance is expected to play a crucial role in:

• Enhancing fiscal prudence and cost efficiency

• Supporting large-scale capital investments

• Strengthening corporate governance and compliance

• Driving long-term value creation for stakeholders

His appointment underscores the government's emphasis on placing experienced financial leaders at the helm of key CPSEs to navigate complex economic and operational challenges.

As NMDC positions itself as a global mining player and a key contributor to India's infrastructure ambitions, Shri Anurag Kapil's leadership is set to be instrumental in shaping its financial and strategic trajectory.