Vaidya steps down as IOC chairman after steering company to unprecedented heights

New Delhi: S M Vaidya on Saturday stepped down as chairman of Indian Oil Corporation (IOC) at the conclusion of his tenure.

"A chemical engineer with over 37 years of experience, Vaidya has been a pivotal force in steering Indian Oil to unprecedented heights," the company said in a statement.

Since taking over the reins in July 2020, Vaidya led IOC through a period of extraordinary growth. Under his leadership, the company's net profit surged from Rs 1,313 crore in FY20 to an all-time high of Rs 39,619 crore in FY24.

Revenue from operations also saw a significant growth, rising by 53 per cent from Rs 5,66,354 crore to Rs 8,66,345 crore during the same period. Additionally, IOC's market capitalisation tripled, reaching its highest levels ever in February 2024.

His tenure was marked by his commitment to innovation, sustainability, and operational excellence.

He championed the development of specialised fuels such as 'STORM' & 'STORM-X', the ultimate racing fuels; India's first 100-octane fuel, XP100; and eco-friendly fuels like XtraGreen & IndiGreen.

Further, he strengthened IOC's core business by enhancing refining and petrochemical capabilities, ensuring the company remained at the forefront of the energy sector.

Under his leadership, IOC launched Asia's first 2G ethanol plant, the world's first 3G ethanol plant, and the 'Unbottled' initiative, which repurposes PET bottles.

"Vaidya leaves behind an ambitious vision for IndianOil that involves the company attaining USD 1 trillion in revenue by 2047, achieving Net-Zero Operations by 2046, and contributing 12.5 per cent to India's energy needs by 2050. His exemplary leadership has set the stage for IndianOil's continued growth and its pivotal role in India's energy transition," the statement added.