Indian Oil board to undergo reorganization

10 Jan 2023 , 01:29 AM

Following ONGC’s structural changes, Indian Oil will be the next in line for a spring cleaning. According to TOI sources, the Indian government’s flagship oil refinery is set to undergo a major board reshuffle.

As the energy landscape changes, the oil goliath is looking to promote current Chairman Shrikant Vaidya to Managing Director. If the appointment is approved, the fuel retailer will have its first MD since its formal incorporation in 1964.

According to sources, the Oil Ministry has approved the re-designation of the chairmanship and is awaiting approval from the Corporate Affairs Ministry.

Furthermore, the government is considering abolishing the R&D director position, with incumbent S S V Ramakumar retiring on July 31.

The position will almost certainly become a new initiative division reporting directly to the chairman. As of now, the chairman has been performing the MD’s duties without the title.

The re-designation of Indian Oil’s chairmanship has become necessary for the company to maintain a smooth interface with private sector and foreign companies as it seeks collaboration to enter new-age energy and mobility areas.

At around 12.58 PM, Indian Oil was trading at Rs79.90, down by 0.25% against the previous close of Rs80.10 on NSE. The counter touched an intraday high and low of Rs80.80 and Rs79.80 respectively.

For feedback and suggestions, write to us at [e-mail]