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).

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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.

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