SM Vaidya resigned as chairman of Indian Oil Corporation (IOC) on Saturday, marking the end of his term.
“A chemical engineer with over 37 years of experience, Vaidya has been a pivotal force in steering IndianOil to unprecedented heights,” the company said in a statement.
Since taking office in July 2020, Vaidya led IOC through a period of substantial growth. Under his leadership, the company’s net profit surged from Rs 1,313 crore in FY20 to a record Rs 39,619 crore in FY24. Revenue from operations grew by 53%, rising from Rs 5,66,354 crore to Rs 8,66,345 crore during the same period. IOC’s market capitalization also tripled, reaching its highest level in February 2024.
Vaidya’s tenure was marked by a focus on innovation, sustainability, and operational excellence.
He led the development of specialized fuels such as ‘STORM’ and ‘STORM-X’, India’s first 100-octane fuel, XP100, and eco-friendly fuels like XtraGreen and IndiGreen.
He also improved IOC’s refining and petrochemical capabilities and managed the launch of Asia’s first 2G ethanol plant, the world’s first 3G ethanol plant, and the ‘Unbottled’ initiative to repurpose PET bottles.
“Vaidya leaves behind an ambitious vision for IndianOil that involves the company attaining USD 1 trillion in revenue by 2047, achieving Net-Zero Operations by 2046, and contributing 12.5% to India’s energy needs by 2050. His exemplary leadership has set the stage for IndianOil’s continued growth and its pivotal role in India’s energy transition,” the statement said.
From: financialexpress
Financial News
