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Vedanta names Dixit as CEO of oil & gas business to replace Mathur

Press Trust of India  |  New Delhi 

Mining baron Agarwal-led Tuesday announced the appointment of Kumar Dixit as the of its and gas arm, Cairn, replacing who has quit the company unexpectedly.

"(Kumar Dixit) brings 39 years of rich experience in the and joined in 2015 from where he was - Energy for South Asia," the company said in a statement.

He will replace Mathur, who, after seven years with the company, "moves on to pursue personal endeavourers", it said.

An alumnus of Delhi College of Engineering, Dixit served as the officer (CEO) of Vedanta's aluminium and power business before being elevated to this new role.

"He brings deep experience in strategy, operations, technology, finance, and regulatory affairs. His leadership will support Cairn's vision to realise the full potential of Barmer block, grow the offshore business, appraisal of new blocks (won) under Open Acreage Licensing Policy-I and Discovered Small Field-II round," the statement said.

Mathur is the fourth to quit the firm since it was taken over by seven years ago. He resigned about a month ago and his resignation was made public only this month.

Mathur, 58, joined in January 2013 and was named when resigned as the of the company in May 2016.

He continued as till the time remained a separate listed company under Vedanta. He was elevated as the CEO of and gas business at Vedanta last year when was merged with its parent firm Vedanta.

Rahul Dhir, the company's who oversaw its listing and development of India's biggest discovery in Rajasthan, quit the company in August 2012. His successor P resigned in May 2014, while the third CEO resigned in May 2016.

Speaking on the appointment of Dixit, Vedanta CEO said, "has a deep understanding of our business and the markets we operate in. He is a with an impressive track record of delivering consistently high-quality performance in a safe and sustainable way."

He thanked Mathur for all his contributions and wish him the very best in his future.

Dixit said, "I have been closely watching and admiring Cairn's spectacular performance and it is a privilege for me to lead this business. We will continue to invest systematically and bring in world-class technology to further strengthen our India exploration footprint."

He also said that the company's focus will remain on exploration and production in innovative and sustainable ways.

Cairn produces about 2 lakh barrels of oil equivalent per day, which is about 25 per cent of India's crude production, and has the vision to take up its contribution to 50 per cent.

The company has planned investments worth USD 3.5 billion in the next 3-4 years which will significantly ramp up its production.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 16 2019. 16:55 IST