V Satish Kumar assumes charge as Chairman of Indian Oil Corporation

Mr. V Satish Kumar has taken up the charge as Chairman, Indian Oil Corporation, the country's largest oil company. Mr. Kumar, a director on the board of the company, had been holding the post of Director (Marketing) since October 2021 and was made acting chairman after the full-time succession was considerably delayed.
In its statement, IOC added that Kumar would continue as Director-Marketing while heading the company as chairman. He has also held additional charge of director-finance from October 2022 and October 2023 during a period when geopolitics were particularly fragile due to the Ukraine-Russia conflict.

Starting his career with the company in 1985, Kumar has held several critical responsibilities for a long tenure in IOC across different regions of the country and has been an important factor behind the behemoth monopoly of IOC in the petroleum products market. He has played a stellar role in ensuring seamless supply of petroleum products uninterruptedly even during natural calamities and disruptions, thereby upholding the values of "Nation First" and "On Duty Always."

In his tenure as Director-Marketing, IOC achieved all-time-high physical performances for three consecutive years. He led the modernization of retail outlets and set up new bottling plants, terminals, and large retail hubs along highways. Under his guidance, IOC also emerged as the No. 1 seller in high-octane fuels, energy-efficient lubricants, and alternative energy solutions, such as e-mobility and bio-fuel blends.

Apart from that, Kumar has played a very important role in the introduction of new environment-friendly products such as ethanol 100, AVGas 100 LL, and methanol-blend diesel to make IOC the only oil company in India to market these fuels.

Before this stint as Director of Marketing, Kumar was State Head, of Madhya Pradesh and Chhattisgarh, in charge of implementation of major initiatives DBTL for LPG consumers and PMUY.

A mechanical engineer by training, Kumar also holds a postgraduate degree in management from the University of Ljubljana, Slovenia. As he assumes office as Chairman, the expectation from Kumar is to steer IOC on continued growth, sustainability, and global leadership in the energy sector.

With PTI Inputs