Saturday, May 14, 2022

Govt okays appointment of Rajneesh Narang for HPCL’s Director (Finance) post

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New Delhi: Rajneesh Narang has been appointed on the Board of Hindustan Petroleum Corporation Limited (HPCL) as Director (Finance) with effect from March 22, 2022. According to an order issued from MoNPG on March 21, Narang has been appointed on the Board of HPCL with effect from the date of his assumption of charge of the post till May 31, 2026, i.e. the date of his superannuation or until further orders, whichever is earlier. This information has been shared by the HPCL in a regulatory filing to the stock exchanges on Tuesday.

Earlier, Narang was recommended for the post of Director (Finance) of HPCL by the Public Enterprises Selection Board (PESB) panel on November 9, 2021. He was selected from the list of nine candidates, who were interviewed by the selection panel.

Narang is a Chartered Accountant and has held senior positions in the company and handled various areas of finance covering corporate finance, treasury, risk management, margin management, marketing finance, SBU commercial, refinery project etc. and has over three decades of experience.

HPCL is an Indian oil and natural gas company with its headquarters in Mumbai, Maharashtra. It has about 25 percent market share in India among Public Sector Undertakings (PSUs) and strong marketing infrastructure. ONGC, also the second promoter of the company (the first promotor is the President), owns 51.11 percent shares in HPCL and others are distributed amongst financial institutes, public and other investors.

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