NEW DELHI: Seasoned finance professional and an old public sector hand Sandeep Kumar Gupta on Monday took over as the chairman and managing director of GAIL (India) Ltd, the nation's largest gas utility.
Gupta, who previously was Director (Finance) at Indian Oil Corporation (IOC), replaces Manoj Jain, who superannuated on August 31.
Soon after joining, "he addressed the employees of GAIL and recognized the balanced business portfolio of the company built over time and (its) overall contribution to the development of the natural gas sector in the country," a company statement said.
Gupta said the company is aligned with the government's vision of having a gas-based economy wherein the share of natural gas in the energy mix is to more than double to 15 per cent by 2030.
He exuded confidence in the outlook of the company which is professing relentlessly its growth path in the natural gas value chain, the statement said.
The government headhunter, Public Enterprises Selection Board (PESB) had in June selected Gupta, 56, for the post of chairman and managing director of GAIL. He took the charge after the Cabinet Committee on Appointments (ACC) approved of his selection.
A commerce graduate and Chartered Accountant by education, Gupta has more than 31 years of working experience at IOC, the nation's largest oil refining and fuel marketing company.
He had been Director (Finance) of IOC since August 3, 2019.
With experience in handling almost the entire gamut of finance and accounts activities, his tenure as Director (Finance) witnessed two extreme volatile global oil price cycles and the deregulation of petrol and diesel prices in India.
At IOC, his responsibilities also included financial planning and analysis, corporate finance and treasury, international trade and pricing. He is also on the board of IOC Middle East FZE, Dubai and Indian Oil Petronas Pvt Ltd.
Gupta will have a term till February 2026.
GAIL is India's largest gas transmission and gas marketing company, with a 14,502-kilometre gas pipeline network and a capacity of 206 million standard cubic meters a day. Its natural gas pipeline network covers 21 states.
It holds around 70 per cent share of the gas-transmission network and more than 50 per cent share of natural gas sales in India....