In terms of Regulation 30 of SEBI (LODR) Regulations, 2015, it is informed that the Board of Directors of Oil and Natural Gas Corporation Limited at its meeting held on July 02, 2024, has considered and approved the appointment of Shri Vivek Chandrakant Tongaonkar (DIN: 10143854) as Director (Finance) of the Company in terms of letter no. CA-31015/1/2023-PNG (45570) dated 01.07.2024 issued by Ministry of Petroleum and Natural Gas, Government of India. Shri Tangaonkar is not debarred from holding the office by virtue of any SEBI Order or any other authority.

Shri Vivek Chandrakant Tongaonkar (DIN: 10143854), aged 58 years. An engineering graduate from the College of Engineering, Pune, he started his career as an Assistant Executive Engineer (Electrical) in the Company in March 1987 and worked in the Engineering & Construction Division during the first decade of his career. He gained rich technical experience of offshore facilities.

Subsequently, he completed MBA (Finance) program in the Symbiosis Institute of Business Management, Pune and laterally shifted to the Finance discipline in ONGC. Shri Tongaonkar is an industry veteran with over 37 years of professional experience in diverse activities across the Energy value-chain. He grew up along the hierarchy and served in different capacities in ONGC with extensive experience in Accounts, Audit, Budget, Treasury & Investments, Capital Investments, Commercial & Marketing, Taxation, JV Finance and Strategy.

He was Head of Investors Relation Cell of ONGC. He held the position of CFO, ONGC, from April 2021 to December 2021. Prior to his appointment as Director (Finance) of the Company, Shri Tongaonkar was Director Finance & CFO of MRPL during May 2, 2023 to July 01, 2024.

Under his leadership as Director & CFO of MRPL, MRPL pre-paid high interest term loans of 31,830 million, which will eventually save interest cost to the tune of 2,000 million annually. MRPL reduced its debt burden by 25%, de-leveraging the Balance Sheet (D/E Ratio was brought down to 0.94 in FY23-24 from previous year of 1.70). He initiated dialogue with investors' community, resultantly market cap increased from 106,230 million as on May 2, 2023 to ever highest 507,000 million on 19th February 2024 ­ an increase of 477%.

MRPL Impex team geared up and successfully procured arbitrage low cost crudes which resulted in maximisation of GRM. During FY23-24, MRPL achieved Gross Refinery Margin of 10.36$/bbl resulting in PBT of 55,210 million. For the first time, in FY23-24 MRPL declared an interim dividend at the rate of 10% augmenting the shareholders' confidence in MRPL.

Further, MRPL Board has proposed 20% final dividend for the FY23-24 subject to shareholders' approval. Shri Tongaonkar is also the Chairman of Mangalore Special Economic Zone Limited (MSEZL), an ONGC Group Company. Shri Vivek Chandrakant Tongaonkar is appointed as Director (Finance) with effect from July 2, 2024 till the date of his superannuation i.e. April 30, 2026, or until further orders, whichever is earlier.