| New Year wishes from Director(Marketing) |
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| January 2009 |
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Dear Colleagues,
At the outset, let me wish you and your family a very happy, prosperous and rewarding New Year 2009.
The year 2008 was in more ways than one a mixed one, and it will be largely remembered for the wrong reasons. World and Indian economy plunged to new lows, even as crude oil price reached the dizzy heights US$147 per barrel in July 2008- its highest ever. IndianOil and other OMCs recorded unprecedented under-recoveries during the year which impacted our financial performance. IndianOil's Q2 loss of over Rs 7,047 crore was the highest ever booked by any Indian corporate during a single quarter.
Amidst the lows there were some cherished moments too. We improved our global rankings from 135 to 116 in the Fortune Global 500 listing. We collected a string of awards for our initiatives in rural marketing, retail branding, sales promotion and loyalty programmes. We also launched, for the first time, a toll free number for customer convenience. But despite flying the customer service flag high, it was painful to see our account books written in red.
For the best part of the fiscal, we rolled out a comprehensive austerity plan across different functions, though we did not allow our financial instability to affect core areas of our business. Even as we were severely affected by the downturn in market conditions, nature too joined hands in unleashing its fury on us. Severe floods in several parts of the country affected our businesses. But the ability of IndianOilPeople to manage one crisis after aonther in waves, and their flexibility in adapting to the bad times, amazes me in no small measure.
Our journey towards customer ecstasy is going to be a long and arduous one. As we chalk out new growth paths, there is also a compelling need to consolidate our existing businesses. The weakening economy is not going to help us in any which way. Our ability to propel growth and create new markets would largely depend on ourselves - the way we leverage technology, fulfill customer needs and conduct ourselves in the market place. As leaders we certainly have more responsibility than others.
It's heartening to note that our global footprints are widening, albeit slowly. The launch of SERVO lubricants in Oman recently, marked a new growth path for our Superbrand SERVO. Our Mauritius & Lanka operations too are bearing fruit and helping to consolidate our global aspirations.
The recent security violations during the Mumbai terrorist attack however are a matter of grave concern. We have sensitive locations that need constant and continuous vigil. We can ill-afford to neglect the Standard Operating Practices (SOPs) that we have defined to ensure high levels of safety and security. It is important that we safeguard both our people and property - our prime assets.
As the calendar year draws to a close, I take the opportunity to wish you and your family a very happy 2009. My wife Raj joins me in wishing you prosperity peace and happiness in the ensuing year.
With best wishes,
G. C. Daga
Director(Marketing) |
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| Board of Directors |
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B. M. Bansal
Director (Planning & Business Development) |
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S. V. Narasimhan
Director (Finance) |
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V. C. Agrawal
Director (Human Resources) & Director-in-change(IBP
Division) |
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G. C. Daga
Director (Marketing) |
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B. N. Bankapur
Director (Refineries) |
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Anand Kumar
Director ( Research & Development)
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P. K. Chakraborti
Director (Pipelines) |
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