Goyal to take charge as new IOC Finance Head
Mumbai   26-Apr-2011

PK Goyal, executive director, corporate finance, IndianOil, is poised to be the new director of finance of the state-run oil company from May 1, 2011, after the retirement of SV Narashimhan at the end of this month.

Mr Goyal will take charge at a time when the state-run oil firms are borrowing heavily to make ends meet as the government is not raising prices of fuels like diesel, cooking gas and kerosene. IOC plans to make a formal announcement about the new appointment once Mr Goyal takes office, a company official said.

“Mr Goyal has been a part of IOC for a while, so he understands the company very well. But his most critical challenge will be to overcome financial uncertainties stemming from volatile crude prices and resultant under-recoveries, especially now as IOC needs additional compensation from the government in light of the recent spike in crude prices,” Mr Narasimhan told ET. “He will also have to work to address IOC’s borrowing cost,” he added.

Mr Goyal’s appointment will be the second high-profile addition to the top management of IOC. In June last year, ONGC Videsh’s MD Ranbir Singh Butola was selected as the chairman of IOC. The post of IOC’s chairman fell vacant after services of ex-chairman Sarthak Behuria were not extended till his superannuation age of 60 in 2012. Mr Behuria completed his five-year term in February 2010 and was eligible for extension till early 2012. After Mr Narasimhan, BN Bankapur, director of refineries, IOC, is also due to retire in August 2011. GC Daga, director of marketing is slated to retire in September 2011 along with KK Jha, director of pipeline, who is slated to retire in January 2012.

A similar situation is brewing in Bharat Petroleum Corporation (BPCL), as the company’s current director of finance SK Joshi is slated to retire in September 2011. A senior official at BPCL said. “Interviews for the post of BPCL’s new director of finance are being conducted in Delhi.”

The official also said that three internal candidates are being considered for the post — S Varadarajan, executive director (ED) of corporate finance; J Ravichandran, ED of finance, refineries; and Dipti Sanzgiri, ED of human resources. “Along with them, around 12 external candidates are also being interviewed,” the official added.