ONGC Appoints Vivek Chandrakant Tongaonkar As Director Finance, CFO

Oil and Natural Gas Corp. announced on Tuesday that Vivek Chandrakant Tongaonkar will become the new Director (Finance) and Chief Financial Officer, effective July 2. He succeeds Devendra Kumar in this role, as per an exchange filing.

Prior to this, Tongaonkar was Director Finance and CFO of Mangalore Refinery and Petrochemicals Ltd. from May 2, 2023, to July 1, 2024.

Tongaonkar, aged 58, is an engineering graduate from the College of Engineering, Pune. He began his career at ONGC as an Assistant Executive Engineer (Electrical) in March 1987, working in the Engineering & Construction Division and gaining significant technical experience in offshore facilities during his first decade with the company.

Tongaonkar later completed an MBA in Finance from the Symbiosis Institute of Business Management, Pune, and transitioned to the Finance discipline within ONGC. With over 37 years of professional experience in the energy sector, he has held various roles, amassing expertise in accounts, audit, budget, treasury and investments, capital investments, commercial and marketing, taxation, joint venture finance, and strategy.

Throughout his career, Tongaonkar has steadily advanced through the ranks at ONGC, serving in numerous capacities. Notably, he served as head of the investor relations cell and briefly held the position of CFO from April 2021 to December 2021.

The state-run crude oil producer's net profit declined 0.23% to Rs 9,869.37 crore in the January–March period, but beat Bloomberg estimate of Rs 9,158.1 crore. The PSU giant's current market value is worth Rs 3.4 lakh crore.