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NEW DELHI : Ranjit Rath has taken over as the Chairman and Managing Director (CMD) of state-run Oil India Ltd (OIL).

A statement from the company said that his appointment came into effect on 2 August.

An alumnus of IIT Bombay and IIT Kharagpur and with an experience of more than 25 years in the field of geosciences, Rath, prior to his appointment as the Oil India CMD, Rath was the CMD Mineral Exploration & Consultancy Ltd.

He has also held the positions of the CEO of Khanij Bidesh India Limited, Managing Director of Bharat Gold Mines Ltd and also held additional charge of the Director General of Geological Survey of India.

The newly appointed OIL CMD has so far been associated with diverse roles spanning from strategy formulation, business development and upstream asset management to application of geosciences and exploration geology in several important projects including creation of strategic petroleum reserves (SPR).

He replaces Sushil Chandra Mishra who retired on 30 June.

The appointment of the new CMD comes at a crucial time as the company is diversifying into renewable energy businesses along with other energy majors. For the financial year 2021-22, Oil India had reported its highest ever net profit of 3,887.31 crore, rising by 123.20% from the profit of 1,741.59 crore of the previous fiscal.

Shares of the company on the BSE closed at 189.40 on Wednesday, lower by 0.39% from its previous close.

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