Finance is an art and a science, which doesn't come easily to everyone, as both phenomenas are mutually exclusive and universally exhaustive. It calls for dexterity and perspicacity. And Dr Vinod Kumar Garg, Chairman and Managing Director, Power Finance Corporation (PFC), is among a few individuals who have been gifted with both these rare traits. In fact, before his anointment at PFC, Dr V K Garg was probably the best finance luminary in India's public sector gamut, that PFC had not had, and now, with him in the saddle, it is poised to go miles; for the fact that both (PFC and Dr V K Garg) are the best suited for one another. Take the academics or reckon the exposure, he is miles ahead of his contemporaries. It may actually be difficult to list out all that he has accomplished and achieved which in fact, is, anaranthine, but, just to mention a very few (academic side, first), an MA (economics) with specialization in Money & Public Finance; an MBA; a Ph.D in Business Administration; a stint at the Bradford University, U K. for a Certificate course in Development Finance Appraisal; Advanced Management Programme (AMP) from Texas University at Dallas, USA, in Oil & Gas Accounting & Finance. As if all this was not enough, he went on to do AMP also at the King's College, Cambridge. On the professional side, before making his plunge into PFC, he was an extremely successful Director (Finance) at Power Grid Corporation of India Ltd (PGCIL) from September 1997 to May 2005. A man whose enthusiasm for work oozes out of his every pore, Garg made significant contribution to the development of Power Grid. He not only helped Power Grid improve its finances but also was instrumental in a host of measures that catapulted the horizons of PGCIL. To mention a few of the brilliant initiatives; he mobilized 11000 crores since 1997 there from domestic and foreign sources; he oversaw the Finance & Accounting functions having an annual capital outlay of Rs.3500 crores and investment outlay of Rs.21000 crores during the 10th Plan period; he put in place a financial accounting system which is handled at more than 160 locations spread across the country through centralized financial management system; he also handled total Project Management of Power infrastructure projects at the Board level; he laso held additional charge of Executive Director (Northern Region-II) supervising all activities of the company in the states of Jammu & Kashmir, Himachal Pradesh, Haryana & Punjab, with several important Transmission Systems under Construction & Operation from October 1997 to January 1999, and also held the charge of Law & Arbitration Division supervising all legal activities of the Company from October 1997 to July 1998. Before being beckoned to PGCIL, Dr Garg served a glorious stint at ONGC as well, where, as General Manager (Finance), he handled with panache, the project formulation-appraisal-evaluation & approval process through Board/PIB/CCEA of 8th plan projects amounting to 2 billion US Dollars; he negotiated a World Bank, ADB & J-Exim loan of a billion US Dollars, and was associated with mobilization of 670 million US Dollars of supplier's credit. He also handled exploration business group including domestic and global procurement of material, services and consultancy under LERMS, free foreign exchange, multi-national funding, ECA funding et al. He had handled financial administration of Institute of Management Development; Institute of Petroleum Exploration & Research; Geo-Physical Centre; Indo-Soviet Collaboration in Exploration & Drilling and Institute of Drilling Technology.He has headed total financial/administration and treasury functions of Hazira Gas Processing plant with a revenue of Rs 1800 crores in 1994, that now stands at about 4000 crores. He was the Chairman of the Investment Committee overseeing investment of surplus funds of the order of Rs.3000 crores and also headed the Board of Enquiry into investments of ONGC pertaining to pre-1992 period. The accomplishments are endless, and it may not be possible to list those here, for the sake of brevity. Apart from his razor-like sharp mind, there are other attributes, which add radiance to Dr Garg's character. Known for his honesty, transparency, integrity and diligence at work, Dr Garg carries with him an energy with which not many have remained unaffected. He has enthused the same power, energy and strength to the organizations and his team, wherever he has gone. Dr Garg is known to play with figures like an adept mechanic who plays with his tools. You ask him and you will find all the financial figures on the tips of his finger. His tenure at the PFC, as most financial pundits swear, is going to be his tallest achievement, because, he is just the right person for that job. Dr Garg has finally reached a destination where he could use his diverse experience to leap into a future, which is full of potential and fresh possibilities. Established in 1986 as a Development Financial Institution dedicated to the power sector, PFC has been playing a committed role in integrated development of the power and associated sectors. It has been providing financial, technological and managerial services to power sector. Adorned with the status of Mini-Ratna (Category-I), PFC has received several awards for being in top ten Public Sector Undertakings of India. And it was not long back when ICRA gave it a very high rating for the Rs 2,100 crore term borrowing programme. The rating is one of the most prestigious, which took into account the exclusive role PFC played in financing the power sector. No doubt, heading such an organization holds unlimited possibility for Dr Garg. A man who has worked with premier organizations, Dr Garg brings with him valuable experience in investment appraisal and financial administration. It's sure with Dr Garg heading the PFC, India's future would be resplendent with light. For a luminary who has trained himself exhaustively at institutions as wide as IDBI, IFCI, UTI, RBI, IIT, IIM, ASCI, Ministry of Finance, Industry, Commerce, Agriculture, Labour, Planning Commission, Central Statistical Organisation, and many more institutions, excellence had to come in. The following treatise is duly vindicated at his end.
“Excellence can be obtained, if you;
…care more than what others think, is wise;
…risk more than what others think, is safe;
…dream more than what others think, is practical;
…expect more than what others think, is possible.”-Anonymous.