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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