In a groundbreaking move, the government has appointed Vikas Kaushal as the Chairman and Managing Director (CMD) of Hindustan Petroleum Corporation Limited (HPCL), marking the first time a private sector executive has been chosen to lead a state-run oil and gas company in India. Kaushal, a seasoned global leader with over three decades of experience in the energy sector, will serve a five-year term, succeeding Rajneesh Narang, who had been handling the role on an interim basis since September 2024.
Vikas Kaushal is a chemical engineering graduate from Panjab University and holds an MBA from the prestigious Indian Institute of Management (IIM), Ahmedabad. Prior to his appointment, he served as the global leader for energy and process industries at Kearney, a renowned management consultancy firm. Kaushal has held key leadership positions, including Managing Director and Country Head for Kearney India, and was twice elected to Kearney’s Global Board of Directors.
Throughout his career, Kaushal has advised top leadership at major Indian energy companies such as HPCL, Indian Oil, BPCL, and GAIL. His strategic initiatives have included leading digital transformation programs, spearheading petrochemical diversification strategies, and developing net zero plans for major oil companies. Kaushal’s expertise spans oil and gas, power, and renewables, positioning him well to drive HPCL’s growth and innovation in the evolving energy landscape.
Kaushal’s appointment reflects the government’s effort to bring in fresh perspectives and expertise from the private sector to lead public sector undertakings (PSUs). This move is part of a broader strategy to enhance efficiency and competitiveness in state-run companies, particularly in sectors undergoing significant transformation like energy and oil.
As the first private sector executive to lead a PSU in the oil and gas sector, Kaushal faces both challenges and opportunities. He will need to navigate the complexities of a state-run organization while leveraging his private sector experience to drive modernization and growth. The appointment also signals a shift towards more lateral entries in key leadership roles across Indian PSUs1.
Vikas Kaushal’s appointment as CMD of HPCL marks a significant milestone in India’s public sector leadership, highlighting the government’s willingness to embrace change and innovation. With his extensive experience and proven track record, Kaushal is poised to lead HPCL into a new era of growth and transformation.
Key Highlights:
- Vikas Kaushal has been appointed as the CMD of HPCL, marking the first time a private sector executive leads a state-run oil PSU.
- Kaushal brings over three decades of experience in the energy sector, having advised major Indian oil companies.
- His appointment reflects the government’s strategy to bring in private sector expertise to enhance PSU efficiency.
- Kaushal faces the challenge of navigating a state-run organization while driving modernization and growth.