ONGC Videsh Ltd Managing Director, D.K. Sarraf, has been selected to take up the top job at ONGC.
Public Enterprises Selection Board (PESB) today recommended Sarraf for the post of Chairman & Managing Director of ONGC. Interviews were held to select the successor of Sudhir Vasudeva, the current Chairman and Managing Director of ONGC, who retires on February 28, 2014.
Sarraf will have a good over two year stint as the top man in ONGC.
The other top contender for the post was GAIL (India) Chairman and Managing Director, B.C. Tripathi. Tripathi, however, did not go for the interview. The buzz is that Tripathi may be a contender for the top post in Indian Oil Corporation.
Sarraf was selected out of the four candidates interviewed by the PESB.
Once PESB shortlists, it sends its recommendations to nodal Ministry, in this case the Ministry for Petroleum & Natural Gas. The Ministry then processes it further (including clearance from Central Vigilance Commission) and then forwards it to the Appointment Committee Cabinet for formal approval.
The position of ONGC top job always attracts attention. The company with an authorised and paid-up capital of Rs 15, 000 crore and Rs 4,277.76 crore respectively is the largest oil and gas producer in the country.
Besides, the previous two appointments had seen their own share of controversies and behind-the-scene politics.