New Delhi, Dec.28: D K Sarraf has joined as the new Director (Finance) of ONGC.

Sarraf was selected by the Public Enterprise Selection Board some time ago. The position of Director (Finance) of ONGC had fallen vacant after R S Sharma was elevated from Director (Finance) to CMD in May 2006.

Sarraf, 50, is a commerce graduate from Shri Ram College of Commerce, Delhi University and Post graduate in Commerce from the same University. He is an associate member of the Institute of Cost and Works Accountants of India (ICWAI) and Institute of Company Secretaries of India (ICSI). He joined as an Executive Trainee in a well known private sector group in 1976 after graduation and worked there till 1982.

Sarraf has a rich experience of around 25 years in various facets of the oil industry – first in Oil India Limited (1983-1991) and then in Oil and Natural Gas Corporation Limited (1991 onwards). He also gained holistic exposure to national oil industry while working in the Oil Coordination Committee on deputation for three years (1997-2000).

He was the Chief, Commercial of ONGC during 2003 and 2004 and in February 2005 took over as Director (Finance) of ONGC Videsh Limited (OVL), a fast growing 100 percent subsidiary of ONGC; one of the biggest Indian MNCs with operations in 16 countries, the only Indian company producing hydrocarbons abroad and the second biggest Indian E and P company.

Sarraf has been instrumental in several oil and gas acquisitions in OVL during the last three years.

He was also involved in conversion of the erstwhile Oil and Natural Gas Commission to a Company, including financial restructuring and valuation of ONGC and disinvestment of Government shareholding in ONGC in 1994. He was the coordinator in ONGC for Government offering of ONGC’s 10 percent equity to public which was very well received by the market and is till date one of the single largest public offerings in India. (ANI)