D K Sarraf takes over as ONGC Chairman
Dinesh K Sarraf on Saturday took over as the new Chairman and Managing Director of Oil and Natural Gas Corp (ONGC), the nation's most profitable company.Sarraf, 56, replaced Sudhir Vasudeva, who was denied a post-retirement one-year extension of service even though Oil Minister M Veerappa Moily had strongly pitched for it.Prior to this, Sarraf was Managing Director of ONGC's overseas arm, ONGC Videsh ltd.Credited with reviving OVl, which had gone into a slumber following the disastrous acquisition of Russia-focused Imperial Energy in 2009, Sarraf brings to ONGC a no-nonsense approach and an eye for detail.OVl, which since inception had invested $17 billion in 32 assets in 15 countries until 2011, struck deals worth over $ 11 billion since 2012 under Sarraf. Sources said Sarraf at the close of office hours on Friday drove down to ONGC's corporate office here to greet outgoing Chairman Vasudeva. He warmly hugged Vasudeva and escorted him to his car. Sarraf this morning officially took charge of the company, they said.
Nishi Vasudeva takes over as HPCl chief
Nishi Vasudeva on Saturday became the first woman to head a blue-chip PSU when she took over as the Chairman and Managing Director of Hindustan Petroleum Corp ltd (HPCl).Vasudeva, who turns 58 this month, was Director (Marketing) in HPCl before replacing Subir Roy Choudhury as the head of the company.Choudhury retired yesterday on attaining the superannuation age of 60 years.Vasudeva, who had created history in July 2011 when she became the first woman ever to make it to the board of cash-rich oil PSU, is also Vice President-Youth & Gender, World Petroleum Council, the company said in a statement here. A management graduate from the Indian Institute of Management- Calcutta, she has a wide exposure in the Petroleum Industry spanning over 36 years in various streams like marketing, corporate strategy and planning, information systems, etc, the statement said.