Gautham Roy has been appointed as the new Managing Director of Chennai Petroleum Corporation Ltd (CPCL).
"Gautham Roy, Executive Director, Indian Oil Corporation (IOC), has been appointed as Managing Director, CPCL in terms of letter dated October 09, 2014, received from the Ministry of Petroleum and Natural Gas, Government of India," CPCL said in a filing to stock exchanges.
Roy assumed charge today.
He has been appointed in place of A S Basu who retired on May 31. Since then the charge of Managing Director was with S Venkataramana, Director - Operations of CPCL.
CPCL, formerly known as Madras Refineries Ltd, is a subsidiary of IOC. It has two refineries with a combined refining capacity of 11.5 million tonnes per annum.
It was formed as a joint venture in 1965 between the Government of India, AMOCO and National Iranian Oil Company (NIOC) having a share holding in the ratio 74:13:13 respectively.
In 1985, AMOCO disinvested in favour of the government, leading to revision in shareholding percentage to 84.62 per cent for the government and 15.38 per cent of NIOC. The company went public in 1994.
IOC acquired government stake in CPCL in 2000-01. Currently, IOC holds 51.89 per cent while NICO controls 15.40 per cent.
