Oil India Limited, a Maharatna Central Public Sector Enterprise (CPSE) under the Government of India, has announced the appointment of Rupam Barua as its new Chief Financial Officer (CFO). The decision was confirmed by the company’s board of directors during a meeting held on June 28, 2024. Barua, currently serving as the Executive Director of Finance & Accounts, will officially assume his new role on July 1, 2024.
With over 32 years of experience in the oil and gas industry, Barua is a seasoned professional. He holds a Master’s degree in Business Administration with a specialization in finance and has been with Oil India since October 1991. Throughout his tenure, Barua has been instrumental in various strategic initiatives, including the establishment of an overseas project in Gabon. His extensive experience in policy-making, regulatory functions, and financial management has been a significant asset to the company.
Barua’s appointment follows the superannuation of Harish Madhav, Director (Finance) & CFO, and Manas Kumar Sharma, Director of Exploration & Development, both of whom will step down from their roles on July 1, 2024.
The announcement of Barua’s appointment coincides with a notable surge in Oil India’s share prices, which rose by 5% to reach a new high of ₹743.30. This uptick is linked to the company’s upcoming issuance of bonus shares in the ratio of 1:2, where shareholders will receive one equity share for every two existing shares held. The record date for determining shareholder eligibility for the bonus shares is set for July 2, 2024.
Rupam Barua’s extensive expertise and leadership are expected to guide Oil India through its next phase of growth and financial stability, reinforcing the company’s position in the oil and gas sector.