Recent developments have shown that SM Vaidya stepped down from his position as chairman of Indian Oil Corporation this Saturday upon the completion of his term. Since taking the position of Chairman, Vaidya has led the corporation through a period of tremendous growth with his innovation, operational excellence, and sustainability. During his tenure, the company’s net profit grew from Rs. 1,313 Crore to Rs. 39,619 crore in FY24. Moreover, IOC’s market capitalisation reached an all-time high with a 53% increase in revenue from operations from Rs 5,66,354 crore to Rs. 8,66,345 crore during the same period.
Vaidya further strengthened the IOC’s core operations. Under his leadership, the company pioneered Asia’s first 2G ethanol plant and the world’s first 3G ethanol plant and introduced the ‘Unbottled’ initiative, which repurposes PET bottles. He further developed specialised fuels such as India’s first 100-octane fuel, XP100, eco-friendly fuels like XtraGreen & IndiGreen and ‘STORM’ & ‘STORM-X’, the ultimate racing fuels.
The company mentioned in the statement, “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 per cent 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.”
Also read, Sandeep Kumar Gupta: Leading India’s Energy Shift
Who Will Be The Next Face Of IOC?
V. Satish Kumar, Director of Marketing, will now take up the Company’s Chairman position. He was appointed Director of Marketing in October 2021 and the Director of Finance for a year from October 2022. Kumar has extensive experience of 35 years serving in different regions as a non-executive chairman of Indian Oil Mauritius Ltd, a subsidiary of IndianOil and non-executive chairman of Indian Oil Petronas Pvt. Ltd, a joint venture between IndianOil and Petronas (Malaysia).
