Mr Raha who took over as Chairman and Managing Director of ONGC in May 2001 and was earlier the Director of Indian Oil Corporation -- outlined his 3Cs of making ONGC turn around into a global company: Competence, Commitment and Cohesion. He also advocated integrity in three areas -- transactional, professional and personal -- as critical factors to success. He said that communication and employee involvement brought back team spirit in ONGC, along with hope and pride in the company.
He mentioned that ONGC had engaged McKinsey in the mid-1990s for consultancy in Organization Transformation. McKinsey took the unusual step of writing to the Ministry of Petroleum and Natural Gas, saying ONGC has a bleak future and may be defunct in 3 to 5 years. According to Mr Raha, this left the company disrespected and discredited and its employees were demoralized.
Mr Raha joined ONGC four years later in 2001 and in five years the company became the most valuable company in India with the highest market capitalization.It was Indias top company in Forbes 2000 and Fortune Global 500 in profits. Further, as per Moodys Rating, it had higher rating than Indias sovereign rating! ONCG is now a vibrant, confident and respected company, Mr Raha said.
ONGC Videsh, which was established in 2001 under Mr Rahas leadership, is the biggest Indian MNC with an investment of US$6 billion, with 25 projects in 15 countries across the globe, he pointed out.
In his speech, Mr Raha also paid his regards to his predecessors at ONGC -- Col Wahi, Dr K B Prasad and K D Malaviya, who was the companys founder chairman.
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Mr Raha who took over as Chairman and Managing Director of ONGC in May 2001 and was earlier the Director of Indian Oil Corporation -- outlined his 3Cs of making ONGC turn around into a global company: Competence, Commitment and Cohesion. He also advocated integrity in three areas -- transactional, professional and personal -- as critical factors to success. He said that communication and employee involvement brought back team spirit in ONGC, along with hope and pride in the company.
He mentioned that ONGC had engaged McKinsey in the mid-1990s for consultancy in Organization Transformation. McKinsey took the unusual step of writing to the Ministry of Petroleum and Natural Gas, saying ONGC has a bleak future and may be defunct in 3 to 5 years. According to Mr Raha, this left the company disrespected and discredited and its employees were demoralized.
Mr Raha joined ONGC four years later in 2001 and in five years the company became the most valuable company in India with the highest market capitalization.It was Indias top company in Forbes 2000 and Fortune Global 500 in profits. Further, as per Moodys Rating, it had higher rating than Indias sovereign rating! ONCG is now a vibrant, confident and respected company, Mr Raha said.
ONGC Videsh, which was established in 2001 under Mr Rahas leadership, is the biggest Indian MNC with an investment of US$6 billion, with 25 projects in 15 countries across the globe, he pointed out.
In his speech, Mr Raha also paid his regards to his predecessors at ONGC -- Col Wahi, Dr K B Prasad and K D Malaviya, who was the companys founder chairman.
| Check Top MBA Colleges in India by Cities | | |
| Also Read Important Articles on MBA Admission | ||
| Top MBA Colleges in India | MBA Admission | MBA Entrance Exam |
| MBA Placements | MBA Ranking In India | GD Topics |
Mr. Subir Raha, president, All India Management Association (AIMA) and former Chairman and Managing Director of ONGC, shared the secrets of his success at ONGC with students and faculty members of New Delhi-based International Management Institute (IMI).