- Prior to this he was the Director – Finance & CFO at Mangalore Refinery & Petrochemicals Limited (MRPL), a subsidiary of ONGC, from May 2023 to June 2024.
By northsouthblock.news
Shri Vivek Chandrakant Tongaonkar, is the new Director of Finance at ONGC. Prior to this he was the Director – Finance & CFO at Mangalore Refinery & Petrochemicals Limited (MRPL), a subsidiary of ONGC, from May 2023 to June 2024. Concurrently, he also serves as Chairman of the Board for Mangalore Special Economic Zone Limited (MSEZL), a key entity within the ONGC Group.
With degrees in Electrical Engineering and Business Administration, Shri Tongaonkar boasts over 37 years of industry experience spanning various activities across the Energy sector. His tenure at MRPL was noted for many transformative financial strategies that significantly enhanced MRPL’s financial robustness and market positioning. Noteworthy accomplishments under his leadership include the preemptive repayment of high-interest term loans amounting to Rs. 3,173 crore, resulting in annual interest savings of
approximately Rs. 200 crore. His initiatives also focused on deleveraging and improving the company’s debt-equity ratio. Furthermore, his proactive engagement with investors contributed to a remarkable 477% increase in MRPL’s market capitalization during his tenure.