Reddy clears appointment of Butola as IOC chairman

Ending weeks of uncertainty, Oil Minister S Jaipal Reddy has cleared the appointment of ONGC Videsh Ltd Managing Director Ranbir Singh Butola as the Chairman of Indian Oil Corp (IOC).

Sources said government headhunters Public Enterprise Selection Board (PESB) had on September 29 last year, named Butola as its most preferred choice to head the nation's largest oil firm.

After clearance of the Central Vigilance Commissioner (CVC), Butola's name had been forwarded to the ACC when there was a change of guard at the Ministry of Petroleum and Natural Gas last month.

Sources said the file, which had a recommendation from the former oil minister Murli Deora for Butola's appointment, was returned to the new minister Reddy for ratification.

Reddy, last week concurred with his predecessor's recommendation and Butola's candidature has now gone to the Cabinet Committee on Appointments (ACC) for formal approval, they said.