New Delhi: S K Srivastava, head of upstream oil regulatory authority, DGH, has been selected to head the nation's second biggest state-owned exploration firm Oil India Ltd.
Government headhunters Public Enterprise Selection Board (PESB) today named Srivastava, Director General of Directorate General of Hydrocarbons, replace N M Borah as the Chairman and Managing Director of OIL from May 2012, sources privy to the development said.
Borah, who became C&MD of OIL in December 2008, is due to retire on attaining superannuation age of 60 years on April 30, 2012.
Sources said Srivastava's name will now be forwarded to the Cabinet Committee on Appointments (ACC) for approval. ACC, that comprises Prime Minister, Home Minister and the administrative minister, would give its consent only after receiving no objections from various agencies, including anti-graft body, the Central Vigilance Commission (CVC).
Srivastava, 56, was Director (Operations) at OIL before he became DG, DGH in February 2010. He beat B N Talukdar, Director (Exploration & Development), OIL, for the top job.
Oil Ministry had appointed Srivastava as the temporary head of DGH to replace controversial V K Sibal, in October 2009. He was formally appointed DG, DGH in February 2010.
He will serve his term till June 2015 as OIL Chairman and Managing Director.