Vikas Kaushal Takes the Helm as First Private-Sector Leader of a State-Run Oil Refinery -HPCL

The Appointments Committee of the Cabinet has appointed Vikas Kaushal, global leader for energy and process industries at Kearney, as the new chairman and managing director (CMD) of Hindustan Petroleum Corporation Limited (HPCL)

Mar, 08, 2025 · 2 min read

Vikas Kaushal has an extensive history of working with India's top public-sector energy firms, having served as an advisor to the leadership of Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and GAIL. His appointment comes at a time when the government has struggled to fill leadership positions across major public-sector enterprises. For instance, in December 2022, retired BPCL chairman Arun Singh was appointed as the CEO of Oil and Natural Gas Corporation (ONGC) after a prolonged search.

Kaushal's credentials are extensive. A graduate of Punjab University and an MBA holder from the Indian Institute of Management (IIM) Ahmedabad, he has built an impressive global career. Notably, he was the only Indian ever to serve on Kearney’s Global Board of Directors, completing two full terms—the maximum tenure allowed. He also served as Managing Director and Country Head for Kearney India for five years and played a crucial role in the firm's governance, finance, and audit committees.

The leadership vacuum in India's state-run oil firms extends beyond BPCL. HPCL has been without a CMD since August 1, 2024, following the retirement of Pushp Kumar Joshi. Since then, Director (Finance) Rajneesh Narang has been holding the position on an interim basis. Despite multiple attempts by the Public Enterprises Selection Board (PESB) to find a successor, no suitable candidate was identified, prompting the government to opt for a search-cum-selection approach.

Kaushal's track record speaks volumes about his capabilities. He played a key role in establishing the Centralised Procurement Office at HPCL, spearheaded HPCL’s petrochemical diversification strategy, and supported digital transformation initiatives across IOCL and BPCL. Additionally, he has worked on refinery maintenance strategies and net-zero initiatives, contributing significantly to India's energy transition efforts.

Vikas Kaushal Takes the Helm as First Private-Sector Leader of a State-Run Oil Refinery -HPCL

The Appointments Committee of the Cabinet has appointed Vikas Kaushal, global leader for energy and process industries at Kearney, as the new chairman and managing director (CMD) of Hindustan Petroleum Corporation Limited (HPCL)

TAGS: