New Delhi: State-owned energy major Oil and Natural Gas Corporation (ONGC) has approved the appointment of Yogish Nayak S. as its Chief Financial Officer (CFO). The appointment will take effect from May 1, 2026, following a board decision taken on April 25, 2026.
The company disclosed the decision to both the National Stock Exchange (NSE) and the BSE Limited, along with other key strategic approvals.
Board Meeting Held on April 25, 2026
In its recent board meeting, ONGC announced several important decisions, including:
- Appointment of a new CFO
- Approval of a petrochemicals joint venture
- Financial support for a North East gas infrastructure project
These decisions are part of ONGC’s broader strategy to strengthen financial management and expand its energy and petrochemical business.
Yogish Nayak S. Becomes CFO and Key Managerial Personnel
The board approved Yogish Nayak S. as CFO and Key Managerial Personnel (KMP) of the company.
He is currently serving as Executive Director – Chief Corporate Finance at ONGC. A Chartered Accountant with over 30 years of experience, Nayak has worked extensively in corporate finance within the oil and gas sector.
Strong Experience in Oil & Gas Finance
Yogish Nayak has a long career in the energy sector and has held senior leadership roles at multiple organizations.
His key experience includes:
- Former CFO of Mangalore Refinery and Petrochemicals Limited (MRPL) (multiple tenures between 2022–2025)
- Major role in OMPL merger process
- Implementation of SAP-based financial systems
- Expertise in corporate accounts, budgeting, taxation, treasury, and capital investments
He began his career at MRPL in 1995 and has steadily moved into senior financial leadership roles over the years.
Additional Roles and Professional Contributions
Apart from ONGC, Nayak is also associated with:
- Mangalore SEZ Ltd. as a nominee director of ONGC
- Member of its Audit Committee
He has also contributed to government-level initiatives, including being part of a Karnataka coastal development vision group, reflecting his involvement in broader policy planning.
ONGC Approves Petrochemicals Joint Venture
ONGC’s board also approved the formation of an Integrated Petrochemicals Marketing & Trading Joint Venture Company (JVC), subject to clearance from DIPAM (Department of Investment and Public Asset Management).
Shareholding Structure:
- ONGC – 50%
- MRPL – 25%
- ONGC Petro additions Limited (OPaL) – 25%
ONGC will invest ₹25 crore as equity in the new venture.
Key Objectives:
- Integrate petrochemical marketing across group companies
- Improve pricing, logistics, and product optimization
- Develop specialty petrochemical grades
- Reduce operational costs and increase revenue
- Expand sales to third-party markets, reducing import dependence
Funding Approved for North East Gas Grid Project
The board also approved financial support for Indradhanush Gas Grid Limited (IGGL) for the Duliajan Feeder Line project, which is part of the larger North East Gas Grid.
Financial Support Includes:
- Equity investment up to ₹79.48 crore
- Corporate guarantee up to ₹185.45 crore
This project is being developed under the guidance of the Ministry of Petroleum and Natural Gas and aims to strengthen gas connectivity in India’s North Eastern region.
About ONGC
Oil and Natural Gas Corporation (ONGC) is India’s largest government-owned oil and gas exploration and production company. It plays a key role in meeting the country’s energy needs by exploring and producing crude oil and natural gas. Established in 1956, ONGC operates across the entire oil and gas value chain and is one of India’s most valuable public sector enterprises, with major contributions to energy security and industrial growth.
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