Bengaluru: ONGC has on Tuesday appointed Vivek Chandrakant Tongaonkar as the new Director (Finance) on. Shri Tongaonkar is an industry veteran with over 37 years of professional experience in diverse activities across the Energy value-chain. With degrees in Electrical Engineering and Business Administration Mr. Tongaonkar brings a wealth of experience and a proven track record in financial and managerial leadership, making him a valuable addition to India’s Energy Maharatna.
Prior to this, Mr. Tongaonkar served as Director (Finance) & CFO at ONGC’s downstream subsidiary-Mangalore Refinery & Petrochemicals Limited (MRPL) from May 2023 till June 2024. He implemented several transformative financial strategies, significantly enhancing the MRPL’s financial health and market standing. Preemptive repayment of high-interest term loans of Rs. 3,173 crore, resulting in an annual interest cost saving of approximately Rs. 200 crore, deleveraging and improving the company’s debt-equity ratio and proactive engagement with the investors marking a 477% increase in MRPL’s market capitalization during his tenure are some of his notable achievements at MRPL.