New Delhi, February 1: Former Oil and Natural Gas Corporation (ONGC) Chairman and Managing Director Subir Raha, who transformed the public sector giant into one of India’s most valuable companies, passed away today after a brief illness, sources in the company said.
Mr Raha, who was suffering from cancer of the lungs, died at a hospital in the capital, the sources said. He was 62.
He had taken over as Chairman and Managing Director of ONGC in May 2001 and continued in the position till May 2006. Before that, he was the Director (Human Resources, Information Technology and Business Development) of Indian Oil Corporation (IOC), where he had begun his career as a Management Trainee.
A graduate in Electronics and Telecommunications Engineering from the Jadavpur University, Mr Raha had also taken a Master of Business Administration degree from the University of Leeds.
After his stint at ONGC, Mr Raha set up Team Raha Ideation, a consulting firm based on strategic advisory services.
During his tenure as CMD of ONGC, the company’s market capitalisation increased more than ten times and it became the country’s top firm in terms of net worth.
He was also concurrently the chairman of ONGC Videsh Limited (OVL), the wholly-woned subsidiary of ONGC. He was also responsible for the turnaround of Mangalore Refinery & Petrochemicals Limited (MRPL).
Mr Raha transformed ONGC from a mainly exploration and production company into an integratede energy major on a global scale and led it into aggressive exploration, especially in deep waters off India, and achieved increased production from depleted fields.
During 1996-98, Mr Raha had served in the Ministry of Petroleum and Natural Gas on deputation as head of the Oil Coordination Committee (OCC).
Despite transforming ONGC into a global player and turning it into one of India’s most profitable companies, Mr Raha’s five-year contract was not renewed by the Government in 2006, though he had about two years to go for retirement.
Union Petroleum and Natural Gas Minister Murli Deora and his deputy Jitin Prasada have condoled the death of Mr Raha.
NetIndian News Network