ONGC Appoints Vivek Chandrakant Tongaonkar As Finance Director
ONGC, on Tuesday, appointed Vivek Chandrakant Tongaonkar as the new director (finance)
Vivek Chandrakant is an industry veteran with over 37 years of professional experience in diverse activities across the energy value chain. With degrees in electrical engineering and business administration, Tongaonkar brings a wealth of experience in financial and managerial leadership.
He is also serving as the Chairman of the Board for the Mangalore Special Economic Zone (MSEZL), a key entity within the ONGC Group of companies. He succeeds Devendra Kumar in this role, as per an exchange filing.
Before this, Tongaonkar served as director (finance) and CFO at ONGC’s downstream subsidiary-Mangalore Refinery & Petrochemicals (MRPL) from May 2023 till June 2024. He implemented several transformative financial strategies, significantly enhancing the MRPL’s financial health and market standing. Pre-emptive repayment of high-interest term loans of Rs 3,173 crore, resulting in an annual interest cost saving of approximately Rs 200 crore, deleveraging and improving the company’s debt-equity ratio and proactive engagement with the investors marking a 477 per cent increase in MRPL’s market capitalisation during his tenure are some of his notable achievements at MRPL.
Before his tenure at MRPL, Tongaonkar served as the executive director – chief corporate finance at ONGC. His strategic initiatives included centralising forex procurement resulted in substantial cost savings and ensuring the continuity of finance operations during the Covid-19 pandemic.