Oil and Natural Gas Corporation (ONGC) has appointed Devendra Kumar as its new Chief Financial Officer (CFO), effective June 20, 2024. Devendra Kumar, who holds an MBA from IIM Ahmedabad and a degree in Electrical Engineering, brings over 33 years of diverse experience in finance, including 15 years at ONGC Videsh. His experience spans corporate finance, mergers and acquisitions, strategy, risk, investment analysis, and international business. ONGC’s board has also approved the extension/revalidation of a Letter of Comfort (LOC) to prospective banks/investors for an amount of up to Rs 5,400 crore, to be raised by ONGC Petro additions (OPaL) within 12 months. ONGC currently holds a 49.36% stake in OPaL, while GAIL and GSPC hold 49.21% and 1.43% respectively. Additionally, ONGC reported a standalone net profit of Rs 9,869.37 crore for Q4 FY23, a sharp increase from Rs 527.86 crore in the same period the previous year, while revenue from operations fell by 4.56% to Rs 34,636.69 crore.

Energy, Finance, Investment,India

https://mergersacquisitions.einnews.com/article/721754660/qxla_te41HXT2yEk?ref=rss&ecode=Q1vNcweEggLWKz7L