Ranjit Rath has taken over as the Chairman and Managing Director (CMD) of state-run Oil India Ltd (OIL). He replaces Sushil Chandra Mishra who retired on 30 June. The newly appointed OIL CMD has so far been associated with diverse roles spanning from strategy formulation, business development and upstream asset management to the application of geosciences and exploration geology in several important projects including the creation of strategic petroleum reserves (SPR).
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The career of Ranjit Rath:
- An alumnus of IIT Bombay and IIT Kharagpur and with an experience of more than 25 years in the field of geosciences, Rath, prior to his appointment as the Oil India CMD, Rath was the CMD Mineral Exploration & Consultancy Ltd.
- He has also held the positions of the CEO of Khanij Bidesh India Limited, Managing Director of Bharat Gold Mines Ltd and also held additional charge of the Director General of Geological Survey of India.
Why was this Ranjit Rath appointed?
The appointment of the new CMD comes at a crucial time as the company is diversifying into renewable energy businesses along with other energy majors. For the financial year 2021-22, Oil India had reported its highest ever net profit of Rs 3,887.31 crores, rising by 123.20% from the profit of Rs 1,741.59 crores of the previous fiscal.
Important Takeaways for All Competitive Exams:
- Oil India Ltd Headquarters: Noida;
- Oil India Ltd Founded: 18 February 1959.