A tale of two cmds of ONGC
He was from HR and had no experience in oil, but he had a vision: to derisk ONGC by making it an integrated oil company.
By ET Bureau |
Subir Raha
May 2001 to May 2006
He was from HR and had no experience in oil, but he had a vision: to derisk ONGC by making it an integrated oil company. So, on the one hand, ONGC bought oil fields in 14 countries and started restoring old fields in India. On the other, it diversified into refining by buying MRPL, and made plans for power and petrochemicals. Mr Raha took on the system, which endeared him to employees but made enemies outside. Despite a transformational tenure, he was denied an extension.
May 2001 to May 2006
He was from HR and had no experience in oil, but he had a vision: to derisk ONGC by making it an integrated oil company. So, on the one hand, ONGC bought oil fields in 14 countries and started restoring old fields in India. On the other, it diversified into refining by buying MRPL, and made plans for power and petrochemicals. Mr Raha took on the system, which endeared him to employees but made enemies outside. Despite a transformational tenure, he was denied an extension.
RS Sharma
May 2006 to January 2011
From director (finance), he was made acting CMD after Mr Raha was denied an extension. After 13 months of uncertainty as a stop-gap appointment, he was finally confirmed in July 2007. A man of great integrity and uprightness, Mr Sharma has taken a consensual approach to decision-making. An unintended consequence of that approach has been the shifting of the balance of power to the ministry. At a time of runaway oil prices, instead of having its best years, ONGC is punching below its weight.
May 2006 to January 2011
From director (finance), he was made acting CMD after Mr Raha was denied an extension. After 13 months of uncertainty as a stop-gap appointment, he was finally confirmed in July 2007. A man of great integrity and uprightness, Mr Sharma has taken a consensual approach to decision-making. An unintended consequence of that approach has been the shifting of the balance of power to the ministry. At a time of runaway oil prices, instead of having its best years, ONGC is punching below its weight.
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