Team Butola at IOC

Vol 14, PW 12 (02 Dec 10) News in Brief

ONGC Videsh managing director RS Butola will be in good company when he replaces BM Bansal as IndianOil chairman on February 1.

At around the same time, AMK Sinha, currently executive director in IndianOil’s corporate planning department will take up his position as the state-owned refiner’s new director business development, following his surprise selection by the Public Enterprises Selection Board after interviews on November 17 and 18. “Sinha is a smart guy,” reports a source.

“Business development will get a big boost when he takes charge.” Already there are indications of a major shift in IOC strategy when Butola arrives at the helm, with more focus on overseas acquisitions.

“Butola and Sinha will make a good team,” we hear. “Butola has close to eight years experience acquiring overseas oil and gas blocks for ONGC.

Bankers will be lining up at IOC’s door with overseas opportunities.” IOC chief of exploration VS Okhde came second after Sinha in the PESB interviews.