| Mr. S M Vaidya, Chairman, of Indian Oil Corporation Ltd (Indian Oil), stepped down from his office today after his tenure. A chemical engineer with over 37 years of experience, Mr Vaidya has been a pivotal force in steering Indian Oil to unprecedented heights. |
| Since taking over the reins in July 2020, Mr Vaidya led Indian Oil through a period of extraordinary growth. Under his leadership, the company’s net profit surged from ₹1,313 crore in FY20 to an all-time high of ₹39,619 crore in FY24. Revenue from operations also saw significant growth, rising by 53% from ₹5,66,354 crore to ₹8,66,345 crore during the same period. Additionally, Indian Oil’s market capitalisation tripled, reaching its highest levels ever in February 2024. |
| Mr. Vaidya’s tenure was marked by his commitment to innovation, sustainability, and operational excellence. He championed the development of specialised fuels such as ‘STORM’ & 'STORM-X', the ultimate racing fuels; India’s first 100-octane fuel, XP100; and eco-friendly fuels like XtraGreen & IndiGreen. Further, he strengthened Indian Oil’s core business by enhancing refining and petrochemical capabilities, ensuring the company remained at the forefront of the energy sector. |
| Under his leadership, Indian Oil launched Asia's first 2G ethanol plant, the world’s first 3G ethanol plant, and the ‘Unbottled’ initiative, which repurposes PET bottles into uniforms. Mr Vaidya also championed sports as a tool for social transformation, conceptualising the ‘Prison to Pride’ project and supporting India's sports stars, young talents, and para-athletes. |
| Mr Vaidya leaves behind an ambitious vision for Indian Oil that involves the company attaining $1 trillion in revenue by 2047, achieving Net-Zero Operations by 2046, and contributing 12.5% to India’s energy needs by 2050. His exemplary leadership has set the stage for Indian Oil’s continued growth and its pivotal role in India’s energy transition. |
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| Indian Oil |
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