New Delhi: Vivek Chandrakar Tongaonkar is set to be the next Director (Finance) of Oil & Natural Gas Corporation Limited (ONGC), a Mahartana PSU under the Ministry of Petroleum & Natural Gas (MoPNG). He has been recommended for the post by the Public Enterprises Selection Board (PESB) panel on Wednesday. Presently, he is serving as Director (Finance) & Chief Financial Officer, Mangalore Refinery & Petrochemicals Limited (MRPL).
Tongaonkar has been recommended for the post of Director (Finance) of ONGC from the list of 12 candidates, who were interviewed by the PESB selection panel in its selection meeting held on January 31. Out of 12 candidates, three candidates from ONGC, two from ONGC Videsh Limited, two from HPCL, two from IOCL and one each from OIL, MRPL and Biotechnology Industry Research Assistance Council (BIRAC).
Tongaonkar started his career in ONGC in March 1987. An engineering graduate from the College of Engineering, Pune he started his career as an Assistant Executive Engineer (Electrical) and worked in the engineering & construction division of ONGC during the first decade of his career. During this period he gained rich experience in the design, engineering, fabrication, installation, pre-commissioning & commissioning of offshore facilities like well platforms, process platforms and pipelines. He enrolled for full time MBA (Finance) program in the Symbiosis Institute of Business Management, Pune by availing leave for higher education. After completion of the program, he laterally shifted to the Finance discipline in ONGC.
Tongaonkar is an industry veteran with over 36 years of professional experience in diverse activities across the exploration & production (E&P) value-chain. Tongaonkar grew up along the hierarchy and served in different capacities in ONGC. Tongaonkar had extensive experience in accounts, audit, budget, treasury and investments, capital investments, commercial & marketing, taxation, JV finance and strategy. He was Head of investors relation cell of ONGC. As ED-Chief Corporate Finance of ONGC, he handled the crucial portfolios of Finance in the Organisation and steering the Organisation in its transformation journey. Before being appointed as the Executive Director – Chief Corporate Finance, he held the position of CFO, ONGC, from April 2021 to December 2021.
Prior to that he was the Executive Director – Chief Offshore Finance at Mumbai overseeing the finance functions of Mumbai Region which is ONGC’s biggest operational and revenue area. He also took the intiative of centralizing the forex procurement which has resulted in substantial savings for the company. Under his dynamic leadership, Mumbai Finance team could deliver uninterrupted services during the challenging COVID times.