Indian Oil Corporation Chairman S M Vaidya Steps Down After Transformative Tenure

S M Vaidya has stepped down as the chairman of Indian Oil Corporation (IOC). During his tenure, he led the company to record profits, significant revenue growth, and innovations in fuels. His leadership emphasized sustainability and operational excellence, setting a vision for continued growth and significant contributions to India's energy sector.

S M Vaidya stepped down as the chairman of Indian Oil Corporation (IOC) on Saturday, concluding a tenure marked by transformative growth and innovation.

With 37 years of experience as a chemical engineer, Vaidya led IOC to new heights, achieving a net profit surge from Rs 1,313 crore in FY20 to a record Rs 39,619 crore in FY24. Revenue grew by 53 percent, and the company's market capitalisation tripled under his leadership.

Vaidya was committed to innovation and sustainability, introducing specialised fuels and strengthening IOC's core business. He launched Asia's first 2G and the world's first 3G ethanol plants. His ambitious vision for IOC includes USD 1 trillion in revenue by 2047 and Net-Zero Operations by 2046.

(With inputs from agencies.)