Indian Oil Corporation Appoints New Chief Financial Officer And Approves Green Energy Investment

Indian Oil Corporation Appoints New Chief Financial Officer And Approves Green Energy Investment

The shares of Indian Oil Corporation Limited on Friday at 12:44 pm IST were trading at Rs 91.20, up by 1.00 percent.

FPJ Web DeskUpdated: Friday, October 13, 2023, 12:48 PM IST
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Indian Oil Corporation Appoints New Chief Financial Officer And Approves Green Energy Investment | Image: Indian Oil (Representative)

The Indian Oil Corporation Limited on Friday announced that during its board meeting held on October 13, 2023, made significant decisions, the company announced through an exchange filing.

New CFO Appointed

Anuj Jain, who serves as Director (Finance) within the company, has been designated as the Chief Financial Officer (CFO) of IndianOil. This designation came into effect on the afternoon of October 9, 2023.

About Anuj Jain

Anuj Jain had joined IndianOil in 1996 and has over 27 years of rich and varied experience in the field of Finance, Taxation and Commercial aspects of the Oil & Gas industry. He has handled various assignments like Corporate Finance, Treasury & Fund Management, Supply Chain Optimization, Pricing, Shipping, Direct and Indirect Taxation, SAP and ERP system etc. Prior to his elevation as Director (Finance), Anuj Jain was the Chief General Manager (Finance) at Refineries Headquarters.

He was also posted as Senior Vice President (Finance) in Lanka IOC PLC., a listed Subsidiary of IndianQil in Sri Lanka where he headed the Finance function. He was also a Board member and Audit Committee member of Ceylon Petroleum Storage Terminals Limited (CPSTL), a strategic petroleum company in Sri Lanka.

Green Energy Investment Approved

The board approved a substantial equity investment related to IndianOil's joint venture, IndianOil NTPC Green Energy Private Limited. This joint venture company, as previously disclosed in a letter dated June 4, 2023, focuses on the establishment of Renewable Energy Power Plants.

The board meeting on October 13, 2023, granted approval for the investment plan of the joint venture company, facilitating the setup of these renewable energy projects. Furthermore, the board endorsed an equity contribution of up to ₹1,660.15 crore for Indian Oil Corporation's 50 percent share in the joint venture's equity share capital.

Indian Oil Corporation Limited shares

The shares of Indian Oil Corporation Limited on Friday at 12:44 pm IST were trading at Rs 91.20, up by 1.00 percent.

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