Weekly media update 28 02_2022

670
(This document comprises news clips from various media in which Balmer Lawrie is mentioned, news
related to GOI and PSEs, and news from the verticals that we do business in. This will be uploaded on
intranet and website every Monday.)
Economy may have grown 6% in Third
Quarter
India's economy likely grew 6% in the third
quarter of the current fiscal year, slower than the
first two quarters, as the waning base effect
overshadowed an economic recovery, an ET poll of
economists showed. The 11 economists polled by
ET predicted the October-December quarter
growth in the 4-6. 6% range, with a median
estimate of 6%. India’s gross domestic product
had grown 20. 1% and 8. 4% in the first and
second quarters, respectively, and 0. 5% a year
earlier. "Even as a normalising base is expected to
dampen the growth in GDP in sequential terms,
the performance relative to the preCovid level is
likely to have improved markedly in the third
quarter," said Aditi Nayar, chief economist at
ratings firm ICRA. Economists said at the expected
range in the third-quarter expansion and with the
Omicron wave denting the economy in the current
quarter, the fiscal 2022 growth could be lower
than the 9. 2% forecast by the government.
The Economic Times - 24.02.2022
https://epaper.timesgroup.com/article-
share?article=24_02_2022_001_013_etkc_ET
India may grow at 9.5% in 2022:
Moody’s
Moody's Investors Service on Thursday raised
its GDP growth forecast for India to 9. 5% for
the current calendar year from 7% earlier,
citing a stronger-than-expected economic
recovery from the national lockdown of 2020
and the second wave of the Covid-19 pandemic
in mid-2021. The GDP growth forecast for 2023
has been retained at 5. 5%. This translates into
8. 4% and 6. 5% growth in fiscal years 2022-
23 and 2023-24, respectively, Moody’s said in a
statement. In November last year, Moody’s had
forecast India’s economy to expand 7. 9% in the
2022-23 financial year beginning April 1. As per
official estimates, the Indian economy is
estimated to grow at 9. 2% in the current fiscal
year ending March 31. “. . . the economy is
estimated to have surpassed the pre-Covid level
of GDP by more than 5% in the last quarter of
2021. Sales tax collection, retail activity and
PMIs suggest solid momentum. However, high
oil prices and supply distortions remain a drag
on growth,” it said.
India Ratings pegs FY22 GDP growth at
8.6 % on data revision
India Ratings has revised downwards its GDP
growth forecast for 2021-22 to 8.6 per cent from
the consensus 9.2 per cent projected earlier. The
National Statistical Organisation (NSO), which has
forecast 9.2 per cent real GDP growth for the year,
will release the second advance estimate of
national income on Monday. According to an India
Ratings analysis, NSO is likely to peg the FY22 real
gross domestic product growth at Rs 147.2 lakh
crore. This translates into a GDP growth rate of 8.6
per cent, down from 9.2 per cent forecast in the
first advance estimate released on January 7,
2022. The major reason for the likely downward
revision is the upward revision of FY21 GDP to Rs
135.6 lakh crore in the first revised estimate of
national income for FY21, which was released on
January 31, 2022, the agency said. As a result,
GDP for FY21 is improved to (-) 6.6 per cent from
Nomura business resumption index at
record high in week-ended Feb 20
The Nomura India Business Resumption Index
(NIBRI) rose to a record high of 122.8 for the
week ended February 20 from 119.5 in the prior
week, the Japanese financial services company
said on Monday. It highlighted weak demand
due to higher inflation and pandemic scarring as
the underlying recovery remains uneven with
sluggish services and consumption even prior to
the third wave. NIBRI has risen to almost 23
percentage points (pp) above pre-pandemic
levels and around 21pp above the third wave
nadir. Google workplace and retail & recreation
mobility rose by 1.4pp and 6 pp, respectively,
from the prior week, near record highs. The
Apple driving index rose by 11.3pp, the labour
participation rate was stable at 40.1%, and
power demand rose by 0.4% week-on-week
after a 1.5% fall, it said. Conventional monthly
WEEKLY MEDIA UPDATE
Issue 542
28 February, 2022
Monday

the provisional estimate of (-)7.3 per cent
released on May 31, 2021. Besides this, the
second revised estimate of national income for
FY20 stood at 3.7 per cent compared to 4 per cent
projected earlier while the third estimate retained
FY19 growth at 6.5 per cent.
Pioneer - 24.02.2022
https://www.dailypioneer.com/2022/world/india-
ratings-pegs-fy22-gdp-growth-at-8-6---on-data-
revision.html#
data until January suggest the third wave had a
mild impact on demand, while the supply side
remained unscathed. “This imbalance should
correct in February,” Nomura said, adding that
this is evidenced by the rapid rise across
indicators – NIBRI, railway passenger and
freight revenues, flight departures and stable
GST E-way bills.
https://economictimes.indiatimes.com/news/e
conomy/indicators/nomura-business-
resumption-index-at-record-high-in-week-
ended-feb-20/articleshow/89727368.cms
Economic recovery will be ‘Severely
Hampered’, Says FM
Finance minister Nirmala Sitharaman said global
peace has never faced challenges of this
significance since World War II, and the economic
recovery will be “severely hampered” not just in
India but across the world. "India's development
is going to be challenged by the newer challenges
emanating in the world. Peace is being threatened
and after the Second World War, (a) war of this
significance, this impact, on the globe probably is
not felt," Sitharaman said on Friday. She was
speaking at the annual Asia Economic Dialogue
organised by the Ministry of External Affairs and
think-tank Pune International Centre. Sitharaman
said human welfare needs a conducive
environment without any disruptions or
disturbances to make the post-pandemic
economic recovery sustainable. “We need for the
welfare of the globe, for the welfare of humanity,
to have this recovery sustainable and to have this
recovery continue without any disruption," she
said, exuding hope that peace may be restored
soon. "Hopefully, some kind of restoration of
peace at the earliest will happen, based on which,
recoveries can be sustainable," she added.
Conflict adds major risks to global eco,
says IMF, WB
The war in Ukraine adds significant economic
risk for the region and the world and will have
far reaching economic and social impacts, the
IMF chief and World Bank president have said.
“I am deeply concerned about what is
happening in Ukraine and, first and foremost,
impact on innocent people. We are assessing
the implications & stand ready to support our
members as needed,” Kristalina Georgieva, MD
of the International Monetary Fund (IMF), said
on Twitter. Russia’s invasion of Ukraine has
added uncertainty to the global economic
recovery and has roiled financial and
commodity markets. Experts reckon it has the
potential to further fan inflationary pressures
across the world as supply chains are disrupted.
“The devastating developments in Ukraine will
have far-reaching economic and social impacts.
We are coordinating closely with the IMF to
assess these costs,” David Malpass, World Bank
president, said. He said he had met Ukraine
President Volodymyr Zelenskyy, and reaffirmed
the World Bank Group’s strong support and
commitment to the people of Ukraine.
The Times of India - 26.02.2022
share?article=26_02_2022_015_007_toikc_TO
I
Consumer cos brace for inflation, supply
issues
India Inc executives have red-flagged further
inflation and supply disruptions as Russia has
launched a major military assault on Ukraine and
crude oil prices have topped $105 a barrel. A steep
surge in crude oil prices would impact household
budgets since crude oil related products have a
share of close to 10% in the Wholesale Price Index
(WPI) basket, executives said. “Oil prices crossing
$100 is a matter of huge concern and there is lot
of uncertainty on how the situation will move
forward,” said Harsh Agarwal, director at edible
oils maker Emami. Analysts said oil prices are
Goods exports may cross lofty $400-bn
target in FY22: Piyush Goyal
Merchandise exports will exceed $30 billion for
an 11th straight month in February, commerce
and industry minister Piyush Goyal said on
Thursday, adding that outbound shipments can
potentially cross even the ambitious target of
$400 billion set for the current fiscal.
Addressing industry executives virtually at a CII
event, Goyal said goods exports already hit
$25.3 billion in the first three weeks of
February, up 26.4% from a year before and
26.7% from the pre-pandemic (same period in
FY20) level. The exports stood at $336 billion

likely to remain elevated for several months as the
US and many other countries are announcing fresh
sanctions on Russia, which accounts for 11% of
global crude-oil exports. Brent crude on Thursday
rose above $105 a barrel for the first time since
2014. “There will further be inflationary impact in
the short term,” said Saugata Gupta, managing
director of hair oils and health foods maker Marico.
“Organisations have to absorb some of the cost
push through more aggressive optimisation
measures and partially pass the balance to
consumers".
until January this fiscal. Merchandise exports
had shrunk 7% in FY21 from a year earlier to
$292 billion in the wake of the pandemic.
However, global demand for goods improved
dramatically this fiscal following an industrial
resurgence in advanced economies. Similarly,
services exports will likely scale a fresh peak of
$250 billion this fiscal, the minister said, adding
that robust growth in this sector prompted his
ministry to revise the targets for FY22 twice
from the initial goal of $225 billion. Services
exports were to the tune of $206 billion in FY21.
The Financial Express - 24.02.2022
https://www.financialexpress.com/economy/ex
ports-to-exceed-30-bn-in-february-may-even-
cross-record-target-of-400-bn-in-fy22-piyush-
goyal/2443624/
India expects fuel demand to grow 5.5%
in the next fiscal year
India's fuel demand is likely to grow 5.5% in the
next fiscal year beginning April 1, initial
government estimates show, reflecting a pick-up
in industrial activity and mobility in Asia's third
largest economy after months of stagnation.
India's fuel consumption in 2022-23, a proxy for
oil demand, could rise to 214.5 million tonnes from
the revised estimates of 203.3 million tonnes for
the current fiscal year ending March 2022,
according to government forecasts. The estimates
were released on the website of the Petroleum
Planning and Analysis Cell (PPAC), a unit of the
federal oil ministry. Local demand for gasoline,
used mainly in passenger vehicles, is expected to
rise by 7.8% to 33.3 million tonnes, while gasoil
consumption was slated to grow by about 4% to
79.3 million tonnes, the data showed.
Consumption of aviation fuel would likely increase
by nearly 50% to 7.6 million tonnes, compared
with the revised estimate of 5.1 million tonnes for
the year ending March 2022.
https://economictimes.indiatimes.com/industry/e
nergy/oil-gas/india-expects-fuel-demand-to-
grow-5-5-in-the-next-fiscal-
year/articleshow/89727396.cms
India watching global energy markets,
supports release of oil from strategic
storage
India, the world's third largest energy importing
and consuming nation, on Saturday said it is
closely monitoring the global energy markets to
track any supply disruptions following the
Russia-Ukraine conflict, and will support release
of oil from strategic storages to cool prices.
International oil prices climbed to an over
seven-year high of USD 105.58 on February 24
over concerns of supplies being disrupted as a
result of Russia attacking Ukraine. The rates
have cooled to below USD 100 as western
sanctions against Russia kept out energy
supplies. "The Government of India is closely
monitoring global energy markets as well as
potential energy supply disruptions as a fall out
of the evolving geopolitical situation," an oil
ministry statement said. While supply routes
remain open, prices are likely to pinch. Petrol,
diesel and cooking gas (LPG) rates continue to
be on the election-related freeze for nearly four
months now but PSU oil firms are expected to
pass on the elevated global oil prices to
consumers soon after elections in Uttar Pradesh
end next month.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/india-watching-global-
energy-markets-supports-release-of-oil-from-
strategic-storage/89861207
IEA vows to ensure global energy
security in wake of Ukraine invasion
The International Energy Agency vowed to protect
global energy security, the Paris-based watchdog
said in a statement after convening a meeting on
Friday of its 31 member countries to discuss
Russia's invasion of Ukraine. "We reviewed how
Oil price spike may dent govt revenues
by ₹1L cr
High global crude oil prices beyond $90 a barrel
could lead to a revenue loss of Rs 95,000 crore
to Rs 1 lakh crore in fiscal year 2022-23, a
report by the economic research wing of the
country’s largest lender SBI said on Friday. It

the Russian invasion has increased concerns
among oil market participants against the
backdrop of already tight global markets and
heightened price volatility," executive director
Fatih Birol was quoted as saying. Citing the risk of
a further escalation, IEA member countries agreed
"to continue to act in solidarity to ensure global
energy security".
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/iea-vows-to-ensure-global-
energy-security-in-wake-of-ukraine-
invasion/89840282
said that if the government reduces the excise
duty on petroleum products further by Rs 7 per
litre in March, when the state elections are over,
and prevents the prices of petrol and diesel from
rising, then the Centre’s excise duty loss will be
Rs 8,000 crore for a month. “If we assume that
the reduced excise duty continues in the next
fiscal and assuming petrol and diesel
consumption grows 8-10% in FY23, then the
revenue loss to the government would be Rs
95,000 crore to Rs 1 lakh crore for FY23,”
according to the SBI Research Ecowrap.
Russia’s invasion of Ukraine has stoked
inflationary pressures with global crude oil
prices breaching the $100 per barrel mark, the
highest since 2014. Experts say soaring crude
oil prices have the potential to stoke domestic
inflationary pressure and upset the Centre’s
fiscal maths.
The Times of India - 26.02.2022
I
India's oil import bill to top $100 bn in
current fiscal
India's crude oil import bill is set to exceed $100
billion in the current fiscal year ending March 31,
almost double its spending last year, as
international oil prices trade at seven-year highs.
India spent $94.3 billion in the first 10 months
(April-January) of the ongoing financial year that
started April 1, 2021, according to data from the
oil ministry's Petroleum Planning & Analysis Cell
(PPAC). It spent USD 11.6 billion in January alone
when oil prices had started to surge. This
compared with USD 7.7 billion spending in the
same month last year. In February, oil prices
crossed USD 100 per barrel and going at this rate,
India, which imports 85 per cent of its crude oil
requirements, is expected to almost double its
import bill to USD 110-115 billion by the end of
the fiscal year 2021-2022. The imported crude oil
is turned into value-added products like petrol and
diesel at oil refineries, before being sold to
automobiles and other users. India has surplus
refining capacity and it exports some petroleum
products but is short on production of cooking gas
LPG, which is imported from nations like Saudi
Arabia.
https://economictimes.indiatimes.com/news/eco
nomy/finance/indias-oil-import-bill-to-top-100-
bn-in-current-fiscal/articleshow/89865935.cms
Fear of supply disruption pushes oil to
$105 a barrel
The surge in oil prices in the wake of Russia-
Ukraine conflict has the potential to upset the
government maths, which will inhibit its ability
to pump-prime economic recovery, and raise
the cost of living for people. Global benchmark
Brent crude spiked to $105 a barrel — breaching
the $100-mark for the first time since August
14, 2014 — on Thursday as Russian troops
entered Ukraine, heightening fears of supply
disruption in a market already struggling to
meet rising demand. Oil prices have risen more
than $20 a barrel since the start of 2022. The
mix of crude bought by India, otherwise known
as the ‘Indian Basket’, too has topped $97/
barrel and will hit a century in a few days if
Brent hovers at the current level. According to
Crisil Research, the conflict will also have a
major bearing on global natural gas markets,
which will see spot prices go up. India meets
50% of its gas needs by importing LNG in ships.
While most of these imports are tied up under
term contracts with West Asian and Australian
suppliers, higher spot prices will affect
additional imports needed to meet rising
demand as economic activities pick up.
I

Oil, natural gas prices may see sharp rise
over Ukraine tensions: Moody's
Global oil and liquified natural gas (LNG) prices are
likely to see a sharp rise in the event of a Russia-
Ukraine conflict, which would have negative
implications for net energy importers, Moody's
Investors Service said on Wednesday. Moody's
Investors Service Managing Director Michael
Taylor said trade effects are likely to arise from
import diversion and diversification, although
there may be opportunities for commodities
producers in Central Asia to increase supply to
China. Supply chain bottlenecks will also be
aggravated, adding to inflation pressures in the
region. Tensions have been escalating between
Ukraine and Russia in recent weeks, and on
Monday Moscow decided to recognise two
separatist regions of eastern Ukraine as
independent and deployed Russian troops there.
"The global price of oil and liquified natural gas
(LNG) is likely to rise sharply in the event of a
conflict, which will be positive for the relatively few
exporters in the Asia Pacific region and negative
for the substantially greater number of net energy
importers.
Business Standard - 23.02.2022
https://www.business-
standard.com/article/international/oil-natural-
gas-prices-may-see-sharp-rise-over-ukraine-
tensions-moody-122022301057_1.html
India's oil production drops 2.4% in
January
India's crude oil production fell to 2,511.66
thousand metric tonnes (TMT) in January 2022,
which is 2.40 per cent lower than the output
registered during the same month last year and
6.04 per cent lower than the official target for
the month, the government data showed on
Wednesday. Cumulative crude oil production
during the April-January period of the current
financial year stood at 24890.07 TMT, which is
2.61 per cent lower than the output registered
during the corresponding period of 2020-21,
according to data released by the Ministry of
Petroleum & Natural Gas. The cumulative
output for the April-January 2021-22 is 4.63 per
cent lower than the official target for the period.
Crude oil production by ONGC (Oil and Natural
Gas Corporation) in the nomination block during
January 2022 was 1662.79 TMT, which is 3.68
per cent lower than the target of the month and
3.09 per cent lower when compared with
production of January 2021. Cumulative crude
oil production by ONGC during April-January
2021-22 was 16259.10 TMT, which is 4.29 per
cent and 3.93 per cent lower than the target for
the period and production during the
corresponding period last year respectively.
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/indias-oil-production-drops-2-
4-in-january/articleshow/89779100.cms
India’s fuel appetite seen at a record
even as oil nears $100
India, the world’s third-biggest oil user, expects
consumption of petroleum fuels to touch a record
next year even as crude prices move toward the
$100-a-barrel mark. Demand has been pegged at
214.5 million tons in the year starting on April 1,
according to predictions by the Indian oil
ministry’s Petroleum Planning and Analysis Cell. If
achieved, that would be an all-time high and an
increase of 5.5% from a revised estimate for
2021-22. Local sales of gasoline, diesel and other
fuels have started picking up after being
whipsawed by several virus waves and tax-inflated
pump prices in the past two years. However, the
nation is yet to recoup the losses caused by the
pandemic that had decapitated consumption by as
much as 70% at one stage following the world’s
strictest lockdown in 2020. Any rise in
consumption in India, the third-biggest crude oil
buyer that relies on the global market for about
85% of its requirements, would raise the country’s
import bill at a time when the South Asian nation
is facing one of the deepest budget deficits among
major economies.
Global LNG trade revives in 2021
despite supply constraints, volatile
prices
Global trade of liquefied natural gas (LNG)
recovered in 2021 despite supply constraints
and volatile prices, said a report by Shell. The
exports growth was witnessed amid a number
of unexpected outages that dented LNG
available for delivery. The USA led export
growth with a year-on-year increase of 24
million tonnes and is expected to become the
world’s largest LNG exporter in 2022. According
to Shell’s latest annual LNG Outlook rising LNG
demand, combined with supply constraints,
caused gas and LNG prices to remain volatile
throughout the year. Prices reached record
levels in October 2021 as Europe, with
historically low storage levels, struggled to
secure LNG cargoes to meet expected winter
gas demand. The volatility emphasises the need
for a more strategic approach to secure reliable
and flexible gas supply in future to avoid
exposure to price spikes. An LNG supply-
demand gap is forecast to emerge in the mid-
2020s and focuses attention on the need for
more investment to increase supply and meet

https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/indias-fuel-appetite-seen-at-a-
record-even-as-oil-nears-100/89778133
rising LNG demand, especially in Asia, as per
the report.
Mint - 25.02.2022
https://www.livemint.com/industry/energy/glo
bal-lng-trade-revives-in-2021-despite-supply-
constraints-volatile-prices-
11645463018556.html
Global crunch likely to double local gas
prices
The full force of the global gas crunch will hit home
in April: domestic gas prices will double, driving up
costs of cooking, commuting and electricity, while
increasing the fertilizer subsidy bill for the
government. An accelerated recovery in energy
demand from the covid-lows coupled with
inadequate supply expansion in 2021 vaulted
prices to record highs, sending shockwaves
through the global economy. Domestic industries
are already paying higher prices for LNG imported
under long-term contracts where rates are linked
to crude oil and have sharply cut purchases from
the spot market where prices have been berserk
for months. But the most dramatic fallout will
unfold in April when the government revises
domestic price of natural gas, which industry
executives and analysts expect to rise from the
current $2.9 to $6-7 per mmBtu. The price ceiling
for gas from deep-sea fields will rise from $6.13 to
about $10, as per Reliance Industries, which is
also auctioning some gas next month from a field
with no price restrictions and has set a floor rate
linked to crude oil that at current prices would be
about $14 per mmBtu.
https://economictimes.indiatimes.com/industry/e
nergy/oil-gas/global-crunch-likely-to-double-
local-gas-prices/articleshow/89733386.cms
BPCL Divestment: Investors Seek Clear
Policy Direction
Bidders for the government’s stake in Bharat
Petroleum Corp (BPCL) have sought more
clarity on autonomy in the pricing of fuel
products. They also want the government to
give a realistic timeline for the blending of
ethanol with petrol to give them more flexibility.
Bidders are keen on clarity about these issues
as despite deregulation, oil marketing
companies do not enjoy full freedom on fuel
pricing, people aware of the matter told ET. The
Centre is planning to sell its entire 53% stake in
BPCL. The Cabinet had cleared the strategic sale
in November 2019. Expressions of interest
(EoIs) were invited in March 2020, generating
interest from some overseas and domestic
players. However, despite BPCL having access
to more than 14% of India's oil refining capacity
and 23% of the fuel market share, none of the
big energy players submitted an EoI. The three
contenders now for the company are Anil
Agarwal-led Vedanta Group, Apollo Global
Management and Think Gas, backed by private
equity major I Squared Capital. “The petrol and
diesel prices are deregulated, but still there is
an invisible cap on it.
Rising crude prices: Aviation sector
facing headwinds
Hopes of recovery could hit an air pocket for airline
companies, as the continuous rise in aviation
turbine fuel (ATF) rates on the back of increasing
crude oil prices, will hurt their financials. The surge
in prices comes at a time when the operating and
yield environment was improving for air carriers,
as passenger load factors were picking up and
revenues were stabilising. Crude oil prices, which
are now nearing $100 per barrel, remains a major
headwind for the airline industry. The three
months of January-March are traditionally soft for
the airline companies, and this continuous rise in
ATF could have a detrimental impact on this
seasonally weak quarter thereby further straining
their finances. The sharp increase in jet fuel prices
has continued over the past three months. In
K. Mohan Reddy takes charge as
Director (P&P) of NLC India Limited
Kalasani Mohan Reddy has assumed charge as
Director (Planning & Projects) of NLC India
Limited on 21st February, 2022. He is a Mining
Engineer from the reputed “Institution of
Engineers (India), Kolkata”. He holds a First
Class Mine Manager Competency Certificate
(Coal) from the Directorate General of Mines
Safety and an MBA degree in Finance. He did a
course on “Advanced Programme in Strategic
Management for Business Excellence” from
prestigious Indian Institute of Management,
Lucknow. Prior to his appointment, he was Chief
Executive Officer of Neyveli Uttar Pradesh
Power Limited (NUPPL), a Joint Venture
between NLC India Limited and Uttar Pradesh
Rajya Vidyut Utpadan Nigam Limited

December, ATF prices were up 50% year-on-year
and 13% quarter-on-quarter to average around Rs
78,000 per kilolitre. Brent crude prices were up
50% y-o-y and 43% year-to-date to $74/bbl. ATF
prices were further hiked by Rs 6,743.25 per
kilolitre or 8.5% to Rs 86,038.16 per kl in the
national capital effective February 1. Last week
again, the state-owned retailers revised the prices
upwards by Rs 4,481.63 or 5.2% to Rs 90,519.79
per kl in line with the rise in oil prices.
The Financial Express - 24.02.2022
https://www.financialexpress.com/market/comm
odities/rising-crude-prices-aviation-sector-facing-
headwinds/2443158/
(UPRVUNL). Reddy started his initial career with
Western Coalfields Limited of Coal India
Limited, served in Singareni Collieries Company
Limited for over 24 years holding various
responsible positions in Mining Sector prior to
joining NLC India Limited in 2013. Hailing from
an agrarian family in Mahbubabad District of
Telangana, he has worked his way from humble
moorings to reach the pinnacle of success with
dedication and perseverance.
Sarkaritel.com - 23.02.2022
https://www.sarkaritel.com/k-mohan-reddy-
takes-charge-as-director-pp-of-nlc-india-
limited/
Shri Sanjay Khanna takes over as
Director Refinery, BPCL
Shri Sanjay Khanna has assumed the charge of
Director Refineries, BPCL. A Chemical Engineering
graduate from NIT, Tiruchirappalli and a Post
Graduate in Finance Management from University
of Mumbai, he has more than 30 years of
experience in Refinery Operations. In his
illustrious career, he previously held the positions
of Chief General Manager-in-Charge (Mumbai
Refinery), Executive Director (Kochi Refinery) and
Executive Director-in-Charge of Refineries, where
he headed refineries operations at BPCL.
Sarikaritel.com - 23.02.2022
https://www.psuconnect.in/news/-sanjay-
khanna-takes-over-as-director-refinery-of-
bpcl/31443
Sujoy Choudhury takes over as
Director (Planning & Business
Development) on IndianOil Board
Sujoy Choudhury has taken charge as Director
(Planning & Business Development), Indian Oil
Corporation Limited, one of India’s largest
commercial enterprises and among the leading
Indian companies in the Fortune Global 500
listings. A Mechanical Engineer and MBA
(Finance) from Jadavpur University, Kolkata,
Choudhury brings with him a vast cross-
functional experience spanning every facet of
the Indian energy business. He has rich
experience working in Eastern, Western and
Northern regions of the country and across
various oil industry functions, including
Engineering, Retail Sales, and Petrochemicals
functions of the Corporation. During his more
than three decades of service, Choudhury has
held several leadership positions. Before
assuming the office of Director (Planning and
Business Development), Choudhury was
heading IndianOil’s Punjab State office wherein
he was in-charge of all petroleum activities in
the States of Punjab and Himachal Pradesh, and
in the Union Territories of Jammu & Kashmir,
Ladakh and Chandigarh.
sarkaritel.com - 24.02.2022
https://www.sarkaritel.com/sujoy-choudhury-
takes-over-as-director-planning-business-
development-on-indianoil-board/

Weekly media update 28 02_2022

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