Gail India chairman BC Tripathi, who failed to make it to the post of ONGC chief in the recent selection process, is now in the race for the top job in Indian Oil Corporation. If Tripathi is finally selected for the job, he may not feel any regret for losing the ONGC bid. After all, Indian Oil has got a bigger turnover than ONGC, though it may not compare favourably with the latter in profitability. Interview for the post is scheduled for today.
In new suit
Will S Varadarajan, who had a very successful stint as finance director in BPCL, be able to do the same magic in his new capacity as the chairman and managing director of the oil refiner? Varadrajan’s is credited with completing BPCL’s maiden issue of unsecured bonds in the international market that was was oversubscribed by 15 times, the largest for an offering by an Indian company in 2012.
Gas and substance
Petroleum ministry has come out with an innovative way to reduce the subsidy burden on LPG. It has introduced 5 kg LPG cylinders to be sold at market price through petrol pumps. The inspiration behind the innovation was the plight of IT professionals, who keep hopping
jobs and are so unable to produce residence certificates to get a normal LPG connection.