Lanka IOC Chairman meets top Govt. officials

G.C. Daga who recently assumed duties as the non-Executive Chairman of Lanka IOC Plc met senior government representatives and other dignitaries for a series of high-powered discussions on the progress and future plans of the company during a recent visit to Sri Lanka.

Daga called on Susil Premajayanth, Minister of Petroleum Industries; Dr. Sarath Amunugama, Senior Presidential Advisor on Economic and Monetary Affairs and Deputy Minister of Finance and Planning; Ajith Nivard Cabraal, Governor of the Central Bank; Ashok Kantha, High Commissioner of India to Sri Lanka and H. T. M. Jayawardena, Secretary to the Ministry of Petroleum Industries, in the course of his visit.

“LIOC is steadfast in its commitment to strengthen support to Sri Lanka and to enhance operations here,” said Daga. “The discussions with the key government officials were most positive and helpful in deciding on our future strategy and further improving interaction with the policymakers in the sector.”

A Chartered Accountant, Daga serves as the Director, Marketing of Indian Oil Corporation Ltd., India’s largest commercial enterprise and flagship national oil major. In an illustrious career spanning over three decades he has handled many vital and diverse portfolios.

He recently won the prestigious award for the ‘Marketing Professional of the Year’ from CMO Asia.

Twice ranked Sri Lanka’s top corporate entity in the LMD 50 rankings, Lanka IOC Plc is an overseas venture of Indian Oil Corporation Ltd., a Fortune 500 company with a ranking of 125 on the magazine’s 2010 Global 500 listing. Lanka IOC Plc is a public liability company listed on the Colombo Stock Exchange.

The company imports and distributes standard and branded petrol and diesel, marine fuel, lubricants and bitumen.

IOC conferred Maharatna status

New Delhi (PTI) The government today formally conferred the coveted ‘’Maharatna’’ status on state- owned Oil and Natural Gas Corp (ONGC) and Indian Oil Corp (IOC). Minister for Heavy Industry and Public Enterprises Vilasrao Deshmukh gave away the certificate conferring Maharatna status to heads of ONGC and IOC at a function here today, the two firms said in separate statements here.

The Maharatna status to select PSEs ensures more empowerment in decision making and encourages becoming globally competitive. ONGC Chairman and Managing Director R. S. Sharma and IOC Chairman B. M. Bansal received the certificates. In his address, Deshmukh stressed the importance of a strong public sector and lauded the contribution of the Central Public Sector Enterprises (CPSEs) towards India’s growth. The Maharatna status provides for enhanced autonomy and operational flexibility.