ONGC has announced the appointment of Mr. Vivek Chandrakant Tongaonkar as the new Director (Finance), effective from 2nd July 2024. Mr. Tongaonkar, a seasoned industry veteran with over 37 years of experience across the Energy value-chain, brings extensive expertise in financial and managerial leadership to India’s Energy Maharatna.
Mr. Tongaonkar holds degrees in Electrical Engineering and Business Administration, complementing his robust professional background. His most recent role was as Director (Finance) & CFO at ONGC’s downstream subsidiary, Mangalore Refinery & Petrochemicals Limited (MRPL), where he implemented transformative financial strategies. These initiatives included the preemptive repayment of high-interest term loans amounting to Rs. 3,173 crore, resulting in annual interest cost savings of approximately Rs. 200 crore. Under his stewardship, MRPL witnessed a significant increase in market capitalization by 477%, showcasing his strategic acumen.Prior to his tenure at MRPL, Mr. Tongaonkar served as the Executive Director – Chief Corporate Finance at ONGC, overseeing critical financial portfolios and driving transformative initiatives within the organization. His leadership was instrumental in centralizing forex procurement, thereby achieving substantial cost efficiencies.
In addition to his role at ONGC, Mr. Tongaonkar serves as the Chairman of the Board for Mangalore Special Economic Zone Limited (MSEZL), a key entity within the ONGC Group of companies.ONGC looks forward to leveraging Mr. Tongaonkar’s expertise and leadership as he assumes the role of Director (Finance), aiming to drive financial excellence and contribute to the organization’s ongoing growth and success.Sivasagar Market in Assam, known for its vibrant trade and cultural significance, continues to play a pivotal role in the local economy. As Mr. Tongaonkar embarks on his new role, stakeholders in Sivasagar anticipate potential impacts on the market dynamics, reflecting the broader influence of ONGC’s strategic appointments.
