Hindustan Petroleum Corporation Limited (HPCL), a leading public sector enterprise and a major player in India's petroleum sector, has announced the appointment of Shri Rajneesh Narang as the Chief Financial Officer (CFO) effective March 27, 2025.

This appointment comes after the completion of the tenure of Shri K Vinod, who had been serving as CFO since September 11, 2024. The decision to appoint Shri Narang was communicated to the stock exchanges through an official notification dated March 27, 2025.

Details of CFO Appointment

The change in CFO position is part of HPCL’s ongoing efforts to strengthen its financial management and governance framework. The notification submitted to both the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) provides details of the appointment, ensuring compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Profile of Shri Rajneesh Narang

Shri Rajneesh Narang is a Chartered Accountant (CA) with extensive experience in the field of corporate finance, financial strategy, and business development. Prior to this appointment, Shri Narang served as Director - Finance at HPCL, where he was responsible for overseeing the company’s financial operations and strategic financial planning.

It is noteworthy that Shri Narang had earlier served as CFO of HPCL from March 22, 2022, to September 10, 2024, before being appointed as Director - Finance. His reappointment as CFO reflects the company’s trust in his expertise and leadership in managing financial operations.

Reason for Change

The appointment of Shri Rajneesh Narang as CFO is in place of Shri K Vinod, who was appointed to the position effective September 11, 2024. The company has now reverted to Shri Narang to lead the financial operations, considering his extensive knowledge and prior experience as CFO.

Date of Appointment

• Effective Date: March 27, 2025

• Predecessor: Shri K Vinod, who served as CFO from September 11, 2024, to March 26, 2025.

Disclosure and Compliance

In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, HPCL has duly notified:

• BSE Limited (BSE), where its equity shares are listed under the Scrip Code: 500104.

• National Stock Exchange of India Limited (NSE), where its equity shares are traded under the Scrip Name: HINDPETRO.

Appointment Notification and SEBI Compliance

The disclosure made by HPCL under Ref. No. Co.SecyNM/103/2025 provides the following key information:

1. Reason for Change:
   The appointment of Shri Rajneesh Narang as CFO was made to replace Shri K Vinod, whose tenure ended. Shri Narang brings continuity and stability to the company’s financial leadership.

2. Date of Appointment:
   The appointment of Shri Narang as CFO is effective from March 27, 2025.

3. Profile of the New CFO:

   • Name: Shri Rajneesh Narang

   • Qualification: Chartered Accountant (CA)

   • Position Held: Director - Finance at HPCL

   • Previous CFO Tenure: March 22, 2022, to September 10, 2024

   • Experience: Extensive expertise in corporate finance, financial planning, and strategy

4. Disclosure of Relationships:
   It has been confirmed that Shri Rajneesh Narang is not related to any of the Directors of the company.

Impact of the Appointment

The appointment of Shri Rajneesh Narang as CFO is expected to have a positive impact on HPCL’s financial governance and operational efficiency. His return to the role will enable the company to maintain continuity and stability in financial leadership while ensuring that HPCL continues to uphold its commitment to financial transparency and regulatory compliance.

Leadership in Finance and Governance

With his reappointment, Shri Narang is expected to bring renewed focus on:

• Strengthening financial discipline and risk management practices within HPCL.

• Enhancing financial planning and resource allocation to drive operational efficiency.

• Promoting governance best practices to align with SEBI’s corporate governance framework.

Role of the CFO in HPCL’s Growth Strategy

As the Chief Financial Officer, Shri Narang will play a critical role in driving HPCL’s financial strategy, ensuring that the company remains on a strong growth trajectory while adhering to the highest standards of corporate governance. His expertise will contribute towards:

• Aligning financial goals with HPCL’s long-term business objectives.

• Overseeing capital allocation for strategic projects and business expansion.

• Managing financial risks associated with dynamic market conditions.

Future Outlook for HPCL

The reappointment of Shri Rajneesh Narang as CFO is expected to strengthen HPCL’s financial position and support the company’s vision of sustainable growth and operational excellence. Under his leadership, HPCL is well-positioned to navigate the complexities of the energy sector and capitalize on emerging opportunities in the market.

Conclusion

The appointment of Shri Rajneesh Narang as CFO of HPCL effective March 27, 2025, reflects the company’s commitment to financial excellence and governance best practices. With his vast experience and strategic financial acumen, Shri Narang is expected to contribute significantly to HPCL’s continued success and value creation for all stakeholders.

HPCL’s adherence to SEBI compliance norms and timely disclosures ensures that all relevant stakeholders, including shareholders and regulatory authorities, are well informed about key changes in the company’s management structure.

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