“Consequent upon my appointment as director (Finance) of Oil and Natural Gas Corporation (ONGC), I tender my resignation from the post of CFO & as director (Finance) from the board of MRPL,” mentioned Tongaonkar stating his reason for resignation.
Meanwhile, Vivek Tongaonkar has been appointed as as director (Finance) of ONGC by the Ministry of Petroleum and Natural Gas, Government of India.
Further, the board of ONGC also designated Tongaonkar as CFO of the company with
effect from 2 July 2024 in place of Devendra Kumar.
Mangalore Refinery and Petrochemicals, a subsidiary of ONGC, is Category 1 Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. The refinery has flexibility to process crudes of various API, delivering a variety of quality products. As on 31 March 2024, ONGC held 71.63% stake while Hindustan Petroleum Corporation (HPCL) held 16.96% stake in the company.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of March 2023.
Shares of MRPL rose 0.39% to Rs 216.70 while ONGC declined 0.16% to Rs 272.50 on the BSE.