There is a thinking in the Central government in order to hire a private sector executive to head ONGC, as per media reports.
In February, the centre set up a search-cum-selection committee to choose a chairman-cum-managing director (CMD) at ONGC, which is said to be seeking private sector executives as well.
The panel is finding ways to give a lucrative compensation to a private sector executive which at times is a hurdle for a lateral entry in the public sector jobs, media reports said.
State-owned companies' executives won't be eligible for the pay package that will be on offer to those from the private sector. It is worth mentioning here that the panel has not met formally yet.
It includes Public Enterprises Selection Board (PESB) chairperson Mallika Srinivasan, oil secretary Pankaj Jain and Indian Oil's former chairman B. Ashok.
Srinivasan, the chairperson of tractor-maker Tractors and Farm Equipment (TAFE) is the first PESB chief from the private sector. The PESB selects directors and chairmen for state-run entities.
Earlier, it was reported that the committee rejected all nine candidates who were interviewed for the ONGC role last June. They included some ONGC executives and senior bureaucrats.
India's oil production has been on a downward slide during the past few years. From 35.7 million tonnes in 2017-18, it dropped to 34.2 million tonnes in the following year, 32.2 million tonnes in 2019-20 and 30.5 million tonnes in 2020-21.