D K Sarraf is set to take over as the new Chairman & Managing Director (CMD) of State-run explorer ONGC on March 1, 2014. According to official sources, the orders regarding his appointment were sent to him on Wednesday.
Sarraf, who is currently Managing Director of ONGC's overseas arm ONGC Videsh, will replace the current head of the Maharatna company Sudhir Vasudeva, who is all set to superannuate on February 28, 2014.
The Public Enterprise Selection Board (PSEB) had cleared Sarraf's name on August 30, 2013 for the post of ONGC's CMD. Incidentally before taking over as OVl's Managing Director, Sarraf was Director (Finance) in ONGC. The Appointments Committee of Cabinet (ACC), which consists of the Prime Minister, Home Minister and the minister of the concerned department (in this case Petroleum Minister Veerappa Moily), approved Sarraf's appointment.Sarraf would have a three-and-a-half year long tenure at the helm in ONGC as he is currently 56 years-old.