His tenure was marked by his commitment to innovation, sustainability and operational excellence.
SM Vaidya on Saturday resigned as Chairman of Indian Oil Corporation (IOC) upon completion of his tenure.
“Vaidya, a chemical engineer with over 37 years of experience, has been a pivotal force in taking IndianOil to unprecedented heights,” the company said in a statement.
Since taking over in July 2020, Vaidya has steered IOC through a period of extraordinary growth. Under his leadership, the company’s net profit increased from Rs 1,313 crore in FY20 to an all-time high of Rs 39,619 crore in FY24.
Revenue from operations also saw significant growth, increasing by 53 per cent from Rs 566,354 crore to Rs 866,345 crore during the same period. Moreover, IOC’s market capitalisation tripled and reached its highest levels in February 2024.
His tenure was marked by his commitment to innovation, sustainability and operational excellence.
He was a proponent of developing specialised fuels like ‘STORM’ and ‘STORM-X’, the ultimate racing fuels; India’s first 100 octane fuel, XP100; and eco-friendly fuels like XtraGreen and IndiGreen.
He also 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 reuses PET bottles.
“Vaidya leaves behind an ambitious vision for IndianOil that entails the company achieving 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 pivotal role in India’s energy transition,” the statement added.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 31, 2024 | 21:08 IS
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