Devendra Kumar appointed by ONGC as CFO

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Devendra Kumar appointed by ONGC as CFO
Devendra Kumar appointed by ONGC as CFO

Devendra Kumar will use his vast experience in corporate finance, mergers and acquisitions, and capital budgeting to oversee ONGC’s financial strategy and operations in his new role.

Devendra Kumar has been named by Oil and Natural Gas Corporation (ONGC) as its new Chief Financial Officer (CFO), with effect from June 20, 2024. With more than three decades of experience at ONGC, Kumar is a seasoned professional who brings to his current position a depth of knowledge in finance, international business, and strategic management.

Devendra Kumar will use his vast experience in corporate finance, mergers and acquisitions, and capital budgeting to oversee ONGC’s financial strategy and operations in his new role.

Over his time there, Kumar has played a significant role in ONGC’s financial policy formulation as well as the company’s foreign expansion through joint ventures and strategic initiatives. His hiring takes place in the middle of ONGC’s continuous initiatives to improve capital allocation plans and fortify its financial management system.

The largest natural gas and crude oil business in India, ONGC, continues to be essential to the nation’s energy industry and significantly boosts domestic output. The Government of India now owns 58.89% of ONGC as of March 2023. Even though its operations revenue decreased marginally to Rs 34,636.69 crore in Q4 FY24, ONGC’s standalone net profit increased significantly to Rs 9,869.37 crore in its latest financial report.

When it comes to exploration, production, and other oil-field services, ONGC has extensive capabilities. Backed by a strong portfolio of both local and foreign projects, the company’s strategic efforts and operational efficiencies further solidify its leadership position in the sector.

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