Indian Oil Corporation Limited (IOCL) Chairman Shrikant Madhav Vaidya has been re-employed to hold the position for an additional year, a government notification said.
The Appointments Committee of the Cabinet (ACC) approved the proposal of the Ministry of Petroleum and Natural Gas for the tenure extension of Vaidya from September 1, 2023 to August 31, 2024.
Vaidya was set to retire this year when he turns 60.
On May 16, the Public Enterprises Selection Board (PESB)—the government headhunter—had rejected all 10 candidates it interviewed for the position of Indian Oil chairman and had advised the petroleum ministry to pursue an alternative selection mechanism.
The state-run oil marketing company on July 28 had reported a consolidated net profit of Rs 14,735 crore in the first quarter of FY2023-24 amid a recovery in marketing margins.
The company had reported a net loss of Rs 883 crore in the same period last year on account of high international crude oil prices.
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