ONGC Appoints MRPL's Vivek Tongaonkar As New CFO

The Oil and Natural Gas Corporation has declared the appointment of Vivek Chandrakant Tongaonkar as the new director (finance) and CFO.

What Happened: The Board of Directors of ONGC made the announcement on July 2, 2024. Tongaonkar’s appointment is in line with a letter issued by the Ministry of Petroleum and Natural Gas, Government of India. He steps into the shoes of Devendra Kumar as CFO.

With a rich industry experience of over 37 years, Tongaonkar has held various positions within ONGC, including a stint as CFO from April 2021 to December 2021. Before his current appointment, the 58-year-old served as the director (finance) and CFO of Mangalore Refinery and Petrochemicals Limited (MRPL).

See Also: Nomura Turns Bullish On Indian IT, Stocks Upgrades Infosys Wipro HCLTech To ‘Buy’

During his tenure at MRPL, the company managed to prepay high-interest term loans of ₹3,183Cr, resulting in an estimated annual saving of ₹200 crore. The company’s market cap also witnessed a substantial rise, from ₹10,623 crore to ₹50,700 crore.

Tongaonkar’s term as director (finance) will extend until his superannuation on April 30, 2026, or until further orders, whichever comes first.

Read Next: Angel One Shares Slump 8% After New SEBI Directive, Brokerage Slashes Target By 21%


Engineered by Benzinga Neuro, Edited by Utkarsh Roshan


The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.


Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
Posted In: EquitiesNewsManagementMarketsONGC

Loading...