In a strategic move that marks a new chapter in its financial leadership, the Oil and Natural Gas Corporation (ONGC) has welcomed Vivek Chandrakant Tongaonkar as its new Director (Finance). With a rich tapestry of experience spanning over three decades, Tongaonkar is set to navigate ONGC through the complex financial landscapes of the energy sector.
A Veteran’s Vision
Tongaonkar’s journey in the energy sector has been nothing short of remarkable. His previous tenure as Director (Finance) & CFO at Mangalore Refinery & Petrochemicals Limited (MRPL) witnessed a series of transformative financial strategies. One such initiative was the preemptive repayment of high-interest term loans, which not only saved the company a significant amount in interest costs but also improved its debt-equity ratio.
His proactive approach extended beyond the balance sheets, as evidenced by his engagement with investors that led to a staggering increase in MRPL’s market capitalization. This financial acumen is now at the helm of ONGC’s financial operations, promising a blend of stability and innovation.
Strategic Financial Initiatives
At MRPL, Tongaonkar’s strategic initiatives were pivotal in enhancing the company’s financial health. The repayment of term loans amounting to Rs 3,173 crore was a bold move that underscored his forward-thinking mindset. This decision not only resulted in annual savings of approximately Rs. 200 crore but also positioned MRPL for future growth.
His tenure also saw the centralization of forex procurement, a critical move during the tumultuous times of the COVID-19 pandemic. This ensured uninterrupted financial operations, showcasing his ability to lead through crisis with resilience and foresight.
Looking Ahead
As ONGC embarks on this new financial voyage with Tongaonkar at the steering wheel, the expectations are high. His extensive experience and proven track record of financial leadership are set to propel ONGC towards a future of fiscal excellence. The energy giant looks forward to leveraging his insights and strategies to fortify its financial foundations and fuel its growth trajectory.
