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Mumbai: Former Indian Oil Chairman and Managing Director Sanjeev Singh has joined Reliance Industries Limited (RIL) as Group President and member of the oil-to-chemicals (O2C) business leadership team, an internal communication issued by the Executive Director of the company showed on Wednesday. Singh had superannuated from Indian Oil on June 30 and will now lead and drive Reliance Industries' services which is considered the backbone of RIL's oil-to-chemicals business.
"As a member of the O2C leadership, we look forward to his contribution in driving manufacturing excellence and transition towards making Reliance O2C a global leader in energy and materials," Hital R Meswani, executive director, RIL, said in the announcement.
Singh took over as CMD of Indian Oil in June 2017. He holds a degree in chemical engineering from IIT-Roorkee and also has a diploma in management. Singh joined the state-run oil marketing company in 1981. During his tenure at Indian Oil, Singh also served as Director (Refineries) and played a key role in the setting up, commissioning and stabilisation of two of IOCL's biggest greenfield refineries at Panipat and Paradip. He had also served as Executive Director of Paradip Refinery Project and was head of Indian Oil's Panipat Refinery. He also implemented the petrochemical projects of paraxylene/PTA and naphtha cracker with downstream units at Panipat refinery.
Singh also oversaw the roll-out of BS-VI grade fuel across retail outlets in India earlier this year.
Singh's new job at Reliance Industries has raised eyebrows as it is not in line with the Department of Public Enterprises' guidelines. According to the nodal department that oversees these matters in the PSU sector, an official retiring from the Chairman or Director rank is expected to follow a one-year cooling off period before joining any other organisation. Since Singh superannuated on June 30, he has only completed two months. "No functional Director of the company including the Chief Executive who has retired/resigned from the service of the company, after such retirement/ resignation, shall accept any appointment or post, whether advisory or administrative, in any firm or company, whether Indian or foreign, with which the company has or had business relations, within one year from his/her date of retirement without the prior approval of Government," DPE guidelines state. However, approvals are given by the administrative ministry on a case-to-case basis.
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