V Satish Kumar on Sunday, 1 September took over as the chairman of the Indian Oil Corporation (IOC), the nation's largest oil firm. Kumar, who is director (marketing) at IOC, was given additional charge of chairman following delays in finding a full-time chairman.
"He will concurrently serve as chairman while continuing in his role as Director (Marketing), a position he has held since October 2021," the company said in a statement. He also held the additional charge of Director (Finance) for one year from October 2022, a period characterized by geopolitical tensions due to the Ukraine-Russia conflict.
With a career spanning 35 years, Kumar has served in various regions across the country and held key positions, leading IOC's efforts to maintain its leadership in the marketing of petroleum products.
He has also gained extensive experience in engaging with multinational oil companies, serving as non-executive chairman of Indian Oil Petronas Pvt Ltd, a joint venture between IOC and Petronas (Malaysia), and as non-executive chairman of Indian Oil Mauritius Ltd, a subsidiary of IOC.
SM Vaidya resigned as chairman of Indian Oil Corporation (IOC) on Saturday, marking the end of his term. “A chemical engineer with over 37 years of experience, Vaidya has been a pivotal force in steering IndianOil to unprecedented heights,” the company said in a statement.
Since taking office in July 2020, Vaidya led IOC through a period of substantial growth. Under his leadership, the company’s net profit surged from Rs 13.13 billion in FY20 to a record Rs 396.19 billion in FY24. Revenue from operations grew by 53%, rising from Rs 5663.54 billion to Rs 8663.45 billion during the same period. IOC’s market capitalization also tripled, reaching its highest level in February 2024.
Vaidya’s tenure was marked by a focus on innovation, sustainability, and operational excellence. He led the development of specialized fuels such as ‘STORM’ and ‘STORM-X’, India’s first 100-octane fuel, XP100, and eco-friendly fuels like XtraGreen and IndiGreen.
He also improved IOC’s refining and petrochemical capabilities and managed the launch of Asia’s first 2G ethanol plant, the world’s first 3G ethanol plant, and the ‘Unbottled’ initiative to repurpose PET bottles.
“Vaidya leaves behind an ambitious vision for IndianOil that involves the company attaining USD 1 trillion in revenue by 2047, achieving Net-Zero Operations by 2046, and contributing 12.5% to India’s energy needs by 2050. His exemplary leadership has set the stage for IndianOil’s continued growth and its pivotal role in India’s energy transition,” the statement said.
