Hindustan Oil Exploration MD to step down; Baroruchi Mishra named successor

Hindustan Oil Exploration Company Ltd (HOEC) has announced a change in its top leadership, with Managing Director Ramasamy Jeevanandam set to step down at the end of March and Baroruchi Mishra named as his successor.

In a stock exchange filing cited by CNBCTV18, the company said Jeevanandam will resign as Managing Director with effect from the close of business hours on March 31, 2026. The resignation is due to health issues and other personal reasons, the company said.

The board has approved the appointment of Baroruchi Mishra as Managing Director and Chief Executive Officer for a three-year term beginning April 1, 2026, subject to shareholder approval. The appointment has been recommended by the Nomination and Remuneration Committee, HOEC said.

Jeevanandam has been associated with HOEC for more than 11 years. According to the company’s statement reported by CNBCTV18, he served over eight years as Executive Director and Chief Financial Officer before being elevated to Managing Director two years ago. The company acknowledged his contributions during a period marked by operational consolidation and sector volatility.

In an interim move, the board has also approved a change in Mishra’s designation to Non-Executive Non-Independent Director with effect from February 25, 2026, following his relinquishment of independent director status. This change is also subject to shareholder approval.

Mishra, 58, brings more than 35 years of experience in the oil and gas and new energy sectors. He currently serves as Partner and Group CEO of NET Enterprise Group, which provides engineering, procurement and construction (EPC), EPCM, digitalisation and engineering services for global energy projects, CNBCTV18 reported. He was also shortlisted by the Public Enterprise Selection Board in 2022 for the role of Chairman and Managing Director at ONGC, according to the report.

HOEC’s shares were trading marginally higher at ₹133.27 in afternoon trade on February 25, up 0.43%, though the stock has declined over 30% in the past year, CNBCTV18 reported.

The leadership transition comes at a time when India’s upstream energy companies face a complex mix of commodity price fluctuations, capital discipline requirements and the gradual shift towards cleaner energy sources.

For HOEC, the incoming chief executive will be tasked with steering the company through a period of strategic recalibration, balancing exploration ambitions with financial prudence and evolving energy market dynamics.