New Delhi: The government has appointed an interim chairman for the two largest oil corporations, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL), while the nomination of full-time heads is still pending.
The ministry announced that Rajneesh Narang, Director (Finance), HPCL, would take on the roles of chairman and managing director for the corporation for three months starting on September 1. He would succeed Pushp Kumar Joshi, who turns sixty on August 31 and superannuates. Narang, a chartered accountant with over thirty years of experience, has managed a wide range of finance-related responsibilities for the company, including corporate finance, treasury, risk management, margin management, marketing finance, SBU commercial, refinery projects, etc. Narang has held important roles within the organization.
The Indian oil and gas company HPCL has its corporate headquarters in Mumbai, Maharashtra. It has a strong marketing infrastructure and a 25% market share in India among Public Sector Undertakings (PSUs). ONGC is the second promoter of HPCL, with the President being the first, owning 51.11 percent of the company’s shares. Financial institutions, the general public, and other investors split the remaining shares.
