Satish Kumar Vadugiri assumed the role of chairman at Indian Oil Corporation (IOC) on Sunday, stepping in as the head of the country’s largest oil firm. He succeeds SM Vaidya, who resigned from the post on Saturday.
Kumar, who has been serving as director (marketing) since October 2021, will hold the additional charge of chairman while continuing his current role. He also served as director (finance) for a year starting October 2022, during a period marked by geopolitical tensions from the Ukraine-Russia conflict.
With a career spanning 35 years, Kumar has played a significant role in maintaining IOC’s leadership in petroleum marketing. He has extensive experience working with multinational oil companies, having been the non-executive chairman of Indian Oil Petronas Pvt Ltd, a joint venture with Petronas (Malaysia), and of Indian Oil Mauritius Ltd.
Under his leadership in marketing, IOC achieved record performance levels over the past three years. The company modernised its retail outlets, launched new bottling plants and terminals, and introduced amenities at highway retail locations.
“During his tenure, record volumes of LPG Imports were handled by IPPL, which helped the country in meeting the increase in the LPG demand under the Govt. of India’s ambitious PMUY Scheme,” according to a statement by IOC.
“Prior to joining as Director (Marketing), he was heading the marketing network in the States of Madhya Pradesh & Chhattisgarh as Executive Director and State Head, Madhya Pradesh State Office. During his career, he has been instrumental in implementing key business initiatives like Direct Benefit Transfer for LPG consumer (DBTL), Pradhan Mantri Ujjwala Yojana (PMUY), BS-VI fuel implementation, etc. which have been widely acknowledged for their social and environmental impact,” the statement added.
Kumar is a mechanical engineer with a postgraduate degree in management from the University of Ljubljana in Slovenia. As chairman, he aims to drive IOC’s growth and sustainability while strengthening its position as a global leader in the energy sector.
From: financialexpress
Financial News
