The Hindu Business Line : Sharma formally takes over as ONGC Chairman

New Delhi, July 5 Mr R.S. Sharma has formally taken charge as regular Chairman and Managing Director, ONGC, pursuant to orders issued by the Government on Wednesday, putting an end to months of speculation on whether he will, or not, bag the pivotal post.

The current orders have been issued based on the selection by the six-member Search Committee headed by Mr N.K. Sinha, Chairman, Public Enterprises Selection Board (PESB). This appointment is valid till January 2011, when Mr Sharma superannuates, a company statement said.

Mr Sharma has been the Director (Finance) of ONGC since March 2002. He had been holding the additional charge of CMD since May 2006, as an interim arrangement, after Mr Subir Raha, the high-profile CMD of ONGC, demitted office.

Mr Raha was denied extension after his five-year term ended.

Long wait

For Mr Sharma, the wait has been long. In February, the PMO had returned the PESB recommendations for the CMD post stating that it wanted the selection canvas to be widened.

In the earlier panel of names too, Mr Sharma was the first choice.

Mr Sharma is also the Chairman of ONGC subsidiaries — ONGC Videsh Ltd (OVL) and Mangalore Refinery and Petrochemicals Ltd (MRPL), as well as Chairman of various other group companies. He is also a director on the Board of Indian Oil Corporation.

ONGC, India’s second-most valuable company with a market capitalisation of $47 billion, produces nearly 80 per cent of India’s oil and gas and owns energy assets in 26 countries.

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