Shrikant Madhav Vaidya To Be New Chairman Of Indian Oil
Indian Oil Corp. oil tanks stand near the Jawaharlal Nehru Port, operated by Jawaharlal Nehru Port Trust (JNPT), in Navi Mumbai, Maharashtra. (Photographer: Dhiraj Singh/Bloomberg)

Shrikant Madhav Vaidya To Be New Chairman Of Indian Oil

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Shrikant Madhav Vaidya will be the new Chairman of the country’s biggest oil firm, Indian Oil Corporation.

Vaidya, who currently is Director (Refineries) at Indian Oil, was selected for the top post by government headhunter Public Enterprise Selection Board on Thursday, sources with direct knowledge of the development said.

He was selected after PESB interviewed five candidates, including four directors on Indian Oil board—Director Finance Sandeep Kumar Gupta, Director HR Ranjan Kumar Mohapatra and Director of Research and Development SSV Ramakumar. Besides these and Vaidya, the fifth candidate interviewed was Rahul Bhardwaj, an executive director with the company.

Vaidya, 56, joined the Indian Oil board in October and will replace Sanjiv Singh who retires as Chairman of the company at the end of June next year.

Sources said Vaidya will be first screened by anti-corruption bodies Central Vigilance Commission and Central Bureau of Investigation before his candidature is put before the Cabinet Committee on Appointments headed by Prime Minister for approval.

He will have a tenure of just over three years ending in August 2023 when he attains the superannuation age of 60 years.

A Chemical Engineer from the National Institute of Technology, Rourkela, Vaidya has over three decades of extensive experience in all the facets of refinery and petrochemical operations, which includes the commissioning of the largest cracker plant in India viz Panipat Naphtha Cracker Complex, his profile on the company website said.

Prior to his elevation as Director (Refineries), he headed the Operations Department at the Refineries Division.

He is also a Director on the Board of Chennai Petroleum Corporation Ltd, a subsidiary of Indian Oil and Ratnagiri Refinery & Petrochemicals Ltd - the firm that is looking at setting up a 60 million tonne refinery on Maharashtra coast.

Indian Oil, including its group companies, is the country's top refiner with a group refining capacity of 80.7 million tonne per annum or 161.4 million barrels per day.

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