INSUBCONTINENT EXCLUSIVE:
His tenure was marked by his commitment to innovation, sustainability, and operational excellence.2 min read Last Updated : Aug 31 2024 |
9:09 PM IST
S M Vaidya on Saturday stepped down as chairman of Indian Oil Corporation (IOC) at the conclusion of his tenure.
"A chemical
engineer with over 37 years of experience, Vaidya has been a pivotal force in steering IndianOil to unprecedented heights," the company said
in a statement.
Since taking over the reins in July 2020, Vaidya led IOC through a period of extraordinary growth
Under his leadership, the company's net profit surged from Rs 1,313 crore in FY20 to an all-time high of Rs 39,619 crore in FY24.
Revenue
from operations also saw a significant growth, rising by 53 per cent from Rs 5,66,354 crore to Rs 8,66,345 crore during the same period
Additionally, IOC's market capitalisation tripled, reaching its highest levels ever in February 2024.
His tenure was marked by his
commitment to innovation, sustainability, and operational excellence.
He championed the development of specialised fuels such as 'STORM' -
'STORM-X', the ultimate racing fuels; India's first 100-octane fuel, XP100; and eco-friendly fuels like XtraGreen - IndiGreen.
Further, he
strengthened IOC's core business by enhancing refining and petrochemical capabilities, ensuring the company remained at the forefront of the
energy sector.
Under his leadership, IOC launched Asia's first 2G ethanol plant, the world's first 3G ethanol plant, and the 'Unbottled'
initiative, which repurposes PET bottles.
"Vaidya leaves behind an ambitious vision for IndianOil that involves the company attaining USD
1 trillion in revenue by 2047, achieving Net-Zero Operations by 2046, and contributing 12.5 per cent to India's energy needs by 2050
His exemplary leadership has set the stage for IndianOil's continued growth and its pivotal role in India's energy transition," the
statement added.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content
is auto-generated from a syndicated feed.)First Published: Aug 31 2024 | 9:08 PMIST
