At the end of his term, S M Vaidya resigned on Saturday as chairman of Indian Oil Corporation (IOC).
“A chemical engineer with over 37 years of experience, Vaidya has been a pivotal force in steering IndianOil to unprecedented heights,” the business stated in a statement.
After becoming leadership in July 2020, Vaidya guided IOC through a time of remarkable expansion. The company’s net profit increased dramatically under his direction, reaching an all-time high of Rs 39,619 crore in FY24 from Rs 1,313 crore in FY20.
During the same period, there was a notable increase in revenue from operations as well, with a 53% increase from Rs 5,66,354 crore to Rs 8,66,345 crore. IOC’s market capitalisation also tripled, rising to an all-time high in February 2024.
Throughout his tenure, he shown a strong dedication to operational excellence, sustainability, and innovation.
He promoted the creation of speciality fuels like the ultimate racing fuels, STORM and STORM-X; India’s first 100-octane fuel, XP100; and environmentally friendly fuels, XtraGreen and IndiGreen.
He also made sure that IOC stayed at the forefront of the energy industry by strengthening the company’s core business through improvements to its petrochemical and refining capabilities.
IOC introduced the ‘Unbottled’ initiative, which recycles PET bottles, and the first 2G and 3G ethanol plants in Asia and the world under his direction.
“Vaidya leaves behind an ambitious goal for IndianOil, one in which the business is expected to achieve Net-Zero Operations by 2046, generate USD 1 trillion in income by 2047, and supply 12.5% of India’s energy needs by 2050. The statement went on, “His outstanding leadership has created the foundation for IndianOil’s ongoing expansion and its crucial role in India’s energy revolution.