Friday, September 30, 2022

SM Vaidya set to be new Chairman of Indian Oil

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New Delhi: Shrikant Madhav Vaidya is set to be new Chairman of Indian Oil Corporation Limited (IOCL), a Maharatna PSU under the Ministry of Petroleum & Natural Gas. Vaidya has been recommended by a Public Enterprises Selection Board (PESB) panel on Thursday. He is currently serving as Director (Refineries) in the same organisation.

Vaidya had taken over as Director (Refineries) of Indian Oil on October 14. Prior to the inclusion in the IOCL the Board of Directors, he was serving as Executive Director (Operations), Refineries Division. He is also a Director on the board of Chennai Petroleum Corporation Limited (CPCL) and the 60 MMTPA (million metric ton per annum) Ratnagiri Refinery & Petrochemicals Limited (RPCL). Vaidya has been recommended for the post of new Chairman of Indian Oil from the list of five candidates, who were interviewed by the selection panel. All five candidates who were on the list were from Indian Oil.

Education & background

Vaidya is a graduate in Chemical Engineering from NIT Rourkela and holds a diploma in Business Management. He has over 33 years of extensive experience in refining and petrochemicals operations. Vaidya has had a decade-long association with India’s largest cracker plant, the Panipat Naphtha Cracker Complex, right from its commissioning stage. Panipat Naphtha Cracker Complex is one of the major drivers of IOCL’s petrochemicals business.

Role and achievements

Vaidya joined IndiaOil in 1987 and worked in various positions at Panipat Refinery. While serving at Refineries Division, his role was to ensure healthy gross refining margins, smooth supply of products and eco-friendly business operations. During his tenure, the Refineries Division registered a record performance on all major physical parameters. He also steered the timely roll-out of BS-VI grade auto fuels in NCR. He has expanded green-energy options with bio-fuel and ethanol-blended fuel-related projects in refineries.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)

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