ONGC has appointed Mr. Vivek Chandrakant Tongaonkar as the new Director (Finance), effective July 2, 2024. With over 37 years of experience spanning the Energy sector, Mr. Tongaonkar brings a wealth of expertise in financial management and strategic planning to India’s premier Energy Maharatna.
Mr. Tongaonkar, armed with degrees in Electrical Engineering and Business Administration, most recently served as Director (Finance) & CFO at Mangalore Refinery & Petrochemicals Limited (MRPL), an ONGC subsidiary. During his tenure, he implemented transformative financial strategies, including the proactive repayment of high-interest term loans amounting to Rs. 3,173 crore. This initiative resulted in annual interest cost savings of approximately Rs. 200 crore and a notable 477% increase in MRPL’s market capitalization.
Prior to his role at MRPL, Mr. Tongaonkar held key positions within ONGC, including Executive Director – Chief Corporate Finance, where he spearheaded critical financial portfolios and drove significant cost efficiencies through centralized forex procurement.Meanwhile, stakeholders at Sivasagar Market in Assam anticipate potential ripple effects of Mr. Tongaonkar’s appointment on local trade dynamics. The market, known for its vibrant commerce and cultural significance, remains poised to adapt to new developments under ONGC’s strategic leadership.
