Oil and Natural Gas Corporation (ONGC) announced that its board approved the appointment of Devendra Kumar as the chief financial officer (CFO) with immediate effect from 20 June 2024.
Devendra Kumar is Post Graduate in Management from IIM Ahmedabad (PGDM 1995) and also holds a degree in Electrical Engineering. He has worked in various capacities in both onshore and offshore units of ONGC including overseas deputation.Kumar joined ONGC in February, 1991 and has over 33 years of experience in different functions of Finance & Accounts including around 15 years with ONGC Videsh. He is currently working as Chief of Corporate Finance. He has experience in business development, mergers & acquisitions, strategy and policy; capital budgeting, risk, investment analysis, treasury, audit and assurance, international business and joint ventures.
Additionally, ONGCs board has also accorded its approval for extension/revalidation of Letter of Comfort (LOC) to prospective banks/ investors for amount upto Rs 5,400 crore to be raised by OPaL within twelve (12) months from the date of approval of shareholders
Earlier on 30 December 2023, the companys board had approved an approval for providing Letter of Comfort (LOC) for raising debt by ONGC Petro additions (OPaL) up to a value of Rs 5,400 crore for six months.
Currently, ONGC is holding 49.36% equity shares in OPaL, GAIL holds 49.21% and GSPC holds 1.43% equity share capital. OPaL is a Joint Venture of ONGC.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of March 2023.
The state-owned oil & exploration company reported standalone net profit of Rs 9,869.37 crore steeply higher than Rs 527.86 crore recorded in Q4 FY23. Revenue from operations slipped 4.56% year on year to Rs 34,636.69 crore during the quarter.
The scrip fell 0.66% to currently trade at Rs 273.65 on the BSE.
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