Dinesh K Sarraf will be the new chairman and managing director of Oil and Natural Gas Corp (ONGC), the nation's most profitable company. Sarraf, who is currently managing director of ONGC's overseas arm, ONGC Videsh Ltd, has been selected to replace Sudhir Vasudeva in February. Public Enterprise Selection Board (PESB) chose Sarraf, who turns 56 next week, from among four candidates who appeared before it for interview on Friday. ‘PESB recommended the following name for the post of chairman and managing director, ONGC Limited — D K Sarraf,’ it said on its website.
Originally, the PESB had shortlisted seven candidates. Besides Sarraf, these were state gas utility GAIL India chairman and managing director B C Tripathi, ONGC director (T&FS) Shashi Shanker, Security Printing and Minting Corporation of India head MS Rana and Indian Railways chief mechanical engineer Ashwani Lohani. Tripathi did not attend the interviews at the PESB office here on Friday morning. The PESB said that it interviewed four candidates — Sarraf, Shashi Shanker, Lohani and Coal India Director (Personnel) R Mohan Das.
The PESB recommendation will now go the Oil Ministry and once Oil Minister M Veerappa Moily concurs, CVC and CBI clearances will be sought. Upon being cleared, Sarraf's candidature will then be forwarded to the Cabinet Committee on Appointments (ACC).
Earlier this week, Sarraf-led OVL announced buying US energy major Anadarko Petroleum Corp's 10 per cent stake in a giant Mozambique gas field for $2.64 billion. This deal came on top of the $2.475 billion deal announced in June to buy Videocon's 10 per cent stake in the same field, which may hold as much as 65 Trillion cubic feet (Tcf) of gas resources. OVL, which since inception had invested $17 billion in 32 assets in 15 countries till 2011, has struck $11 billion worth deals in the past one year under Sarraf. Sarraf holds Bachelor's and Master's degrees in Commerce from the University of Delhi. He is also a member of the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India.
Originally, the PESB had shortlisted seven candidates. Besides Sarraf, these were state gas utility GAIL India chairman and managing director B C Tripathi, ONGC director (T&FS) Shashi Shanker, Security Printing and Minting Corporation of India head MS Rana and Indian Railways chief mechanical engineer Ashwani Lohani. Tripathi did not attend the interviews at the PESB office here on Friday morning. The PESB said that it interviewed four candidates — Sarraf, Shashi Shanker, Lohani and Coal India Director (Personnel) R Mohan Das.
The PESB recommendation will now go the Oil Ministry and once Oil Minister M Veerappa Moily concurs, CVC and CBI clearances will be sought. Upon being cleared, Sarraf's candidature will then be forwarded to the Cabinet Committee on Appointments (ACC).
Earlier this week, Sarraf-led OVL announced buying US energy major Anadarko Petroleum Corp's 10 per cent stake in a giant Mozambique gas field for $2.64 billion. This deal came on top of the $2.475 billion deal announced in June to buy Videocon's 10 per cent stake in the same field, which may hold as much as 65 Trillion cubic feet (Tcf) of gas resources. OVL, which since inception had invested $17 billion in 32 assets in 15 countries till 2011, has struck $11 billion worth deals in the past one year under Sarraf. Sarraf holds Bachelor's and Master's degrees in Commerce from the University of Delhi. He is also a member of the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India.