Oil and Natural Gas Corporation (ONGC) has declared the appointment of Devendra Kumar as its new Chief Financial Officer (CFO) and has taken charge since June 20, 2024. Kumar, a veteran with over thirty-three years at ONGC, brings an extensive finance, international business and strategic management background to this pivotal role.
Kumar's illustrious career at ONGC has seen him guide his company towards successful financial policies and expand its international footprint through joint ventures and strategic initiatives. His expertise encompasses corporate finance, mergers and acquisitions and capital budgeting, positioning him well to steer ONGC’s financial strategies and operations.
Ink Dive: Ankita Tiwari Appointed CHRO at DTDC Express
This appointment aligns with ONGC's ongoing efforts to enhance its financial management framework and optimise capital allocation strategies. As India's largest crude oil and natural gas company, ONGC remains a cornerstone of the nation’s energy sector, contributing approximately 71% to domestic production. The Government of India holds a majority stake of 58.89% in ONGC as of March 2023.
In its latest financial performance, ONGC reported a notable increase in standalone net profit to ₹9,869.37 crore for Q4 FY24, despite a slight decline in revenue from operations to ₹34,636.69 crore year-on-year. The company's robust capabilities in exploration, production and related oil-field services underscore its leadership in the industry.
Kumar, an alumnus of IIM Ahmedabad with a postgraduate degree in management, also holds a degree in Electrical Engineering. His diverse experience includes roles in both onshore and offshore units of ONGC and approximately fifteen years with ONGC Videsh, the company’s international arm. He has been instrumental in business development, strategy formulation and policy-making, alongside his extensive work in finance.
Additionally, ONGC’s board has approved the extension of a Letter of Comfort (LOC) for up to ₹5,400 crore to prospective banks and investors, intended to be raised by ONGC Petro additions (OPaL) within twelve months from the shareholders' approval date. This move follows an earlier approval in December 2023, which allowed OPaL to raise the same amount over six months. ONGC currently holds a 49.36% stake in OPaL, with GAIL holding 49.21% and GSPC 1.43%.
ONGC’s strategic initiatives and operational efficiencies continue to bolster its industry leadership, supported by a comprehensive portfolio of domestic and international projects. The recent appointment of Devendra Kumar as CFO is expected to further strengthen the company's financial stewardship and strategic growth.
Insights from agency
