look news india
New Delhi, 31 August (HS). Public sector oil and gas marketing company Indian Oil Corporation Limited (IOC) Chairman S.M. Vaidya has resigned from his post on Saturday after the completion of his term. Shrikant Madhav Vaidya is renowned as a global energy technocrat with expertise of more than 37 years in the petroleum industry.
In a statement issued by the company, Indian Oil Chairman S.M. Vaidya is a chemical engineer with more than 37 years of experience. Vaidya has been a key force in taking IOC to unprecedented heights. According to IOC, Vaidya took over the reins of the company in July 2020, during his tenure the company has registered extraordinary growth. The company said that with heartfelt gratitude, the team of Indian Oil wishes him a successful second innings.
IOC said that under his leadership, the company's net profit increased from Rs 1,313 crore in the financial year 2019-20 to an all-time high of Rs 39,619 crore in the last financial year 2023-24. During this period, the company's operating income increased by 53 per cent from Rs 5,66,354 crore to Rs 8,66,345 crore. With this, the market capitalization of IOC also tripled to a record $33.8 billion.
As a visionary, he has laid out a strong blueprint for the company's energy future with pioneering initiatives in green hydrogen, biofuels and sustainable energy, positioning IndianOil as a catalyst in India's green transformation, IOC said. Incorporating the spirit of 'nation first', and beyond business initiatives, Vaidya's vision is to make IndianOil a 'trillion dollar giant' by 2047.