Legacy of Innovation: S M Vaidya’s Transformative Leadership at Indian Oil Ends

S M Vaidya recently stepped down as chairman of Indian Oil Corporation (IOC) after a remarkable tenure that began in July 2020. With over 37 years of experience, he led IOC to impressive growth, boosting net profits from Rs 1,313 crore in FY20 to Rs 39,619 crore in FY24. Revenue also surged from Rs 5,66,354 crore to Rs 8,66,345 crore, while the company’s Market capitalization tripled. Vaidya was passionate about innovation and sustainability, introducing specialized fuels like XP100 and eco-friendly options. He spearheaded initiatives like Asia’s first 2G ethanol plant and aimed for IOC to reach USD 1 trillion in revenue by 2047, with a vision for a Net-Zero operation by 2046, ensuring a strong future for India’s energy sector.

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S M Vaidya Steps Down as Chairman of Indian Oil Corporation

On August 31, 2024, S M Vaidya officially stepped down from his role as chairman of the Indian Oil Corporation (IOC) after completing his tenure. With over 37 years of experience as a chemical engineer, Vaidya played a crucial role in propelling IOC to new heights during his leadership.

Since taking charge in July 2020, Vaidya oversaw an impressive transformation in the company. Under his guidance, IOC’s net profit skyrocketed from Rs 1,313 crore in FY20 to a record Rs 39,619 crore in FY24. The company also witnessed a remarkable 53 percent increase in revenue, reaching Rs 8,66,345 crore.

Vaidya’s tenure focused heavily on innovation and sustainability. He was instrumental in introducing advanced fuels like ‘STORM’ and ‘STORM-X’, along with India’s first 100-octane fuel, XP100. His commitment to eco-friendly initiatives led to the development of XtraGreen and IndiGreen fuels. Notably, he launched Asia’s first 2G ethanol plant and the world’s first 3G ethanol plant, while also initiating the ‘Unbottled’ project to recycle PET bottles.

As he departs, Vaidya leaves behind a bold vision for IOC. The company aims to reach USD 1 trillion in revenue by 2047, achieve Net-Zero Operations by 2046, and contribute significantly to India’s energy needs by 2050. Vaidya’s leadership has laid the groundwork for IOC’s future growth amid India’s energy transition.

Last updated: August 31, 2024

Tags: Indian Oil Corporation, S M Vaidya, Chairman, tenure, innovation, sustainability, energy transition, fuel development, corporate leadership

What happened with SM Vaidya at Indian Oil Corp?
SM Vaidya stepped down as the chairman of Indian Oil Corp when his tenure ended.

Why did SM Vaidya step down?
He stepped down because his term as chairman officially finished.

How long did SM Vaidya serve as chairman?
SM Vaidya served as the chairman for a specific term, typically lasting a few years.

Who will lead Indian Oil Corp now?
The company will announce a new chairman to take over after SM Vaidya steps down.

What is Indian Oil Corp known for?
Indian Oil Corp is known for being one of the largest oil and gas companies in India, involved in refining, pipeline transportation, and Marketing of petroleum products.