Varadarajan: The man behind BPCL's key financial drives is its new chairman

CMD Varadarajan

S VARADARAJAN on October 1 took over as chairman and managing director of Bharat Petroleum Corporation Limited (BPCL). The man behind BPCL's hugely successful maiden issue of unsecured bonds in international market, Varadarajan succeeded RK Singh who had retired on September 30. Enriched with an experience of over...

30 years, his indefatigable energy and calibre has helped him carving a niche for himself in the corporate world. Varadarajan, 56, will remain in the post till his retirement at end of September 2016.

Key Initiatives

Varadarajan took a number of initiatives such as electronic payments and collections systems, corporate risk charter and risk governance structure, key finance process automation in SAP. In addition to finance, he has handled marketing as head of sales for retail business in southern region and also led the corporate strategy team.

Finance Skills

Prior to his appointment as the CMD, Varadarajan was serving as the director, finance of the company. A member of the Institute of Chartered Accountants of India and Institute of Cost and Works Accountants of India, Varadarajan had also served as executive director corporate finance and was responsible for overall Treasury Management, Risk Management, Corporate Accounts, Taxation and Budgeting.

Value Mindset

Praising his leadership ability, BPCL said: "In 2009, he led a team of 20 professionals which put in place a value mindset across the organization and created competitive cost structures. In addition to finance, he has handled marketing as head of sales for retail business in southern region and also led the corporate strategy team. Prior to that, he was the CFO of Bharat Shell Limited, a joint venture between BPCL and Shell International."

Global Forays
As director finance of the company, Varadarajan was responsible for the successful completion of BPCL's maiden issue of unsecured bonds in the international market. The issue which was placed at competitive interest rate was over-subscribed by 15 times — the largest for an offering by an Indian company in 2012.

Other Responsibilities

Apart from serving as director of finance at BBCL since September 1, 2011, Varadarajan is also the chairman of Petronet India Limited and Petronet CCK Limited, a director on the Board of Bharat Oman Refineries Limited, a joint venture company promoted by BPCL and Oman Oil Company, a Director on the Board of Bharat PetroResources Limited and Bharat Star Services Private Limited.