Dinesh K Sarraf is poised to be the new chairman and managing director of Indian state-owned E&P giant Oil & Natural Gas Corporation (ONGC) and is likely to replace the existing chairman Sudhir Vasudeva in February next-year.

India’s Public Enterprise Selection Board (PESB) selected Sarraf for the top ONGC post through a selection process, which concluded on 30 August.

“PESB recommended the following name for the post of chairman and managing director, ONGC Limited -- D K Sarraf,” the selection board said on its website.