Mumbai, Maharashtra, India, March 2025 – Deepesh Baxi has been appointed as the Chief Financial Officer (CFO) of Nayara Energy, India’s largest private fuel retailer, effective April 15, 2025. In his new role, Baxi will oversee all financial operations, drive strategic initiatives, and enhance Nayara Energy’s market leadership. His appointment is significant as Nayara Energy continues its ambitious growth, including the expansion into petrochemicals with the recent launch of a 450,000-tonne polypropylene plant.
Before joining Nayara Energy, Deepesh Baxi served as CFO and Wholetime Director at Castrol India Limited for over four years, managing financial operations for the company, which boasts a turnover exceeding ₹5,000 crores. He previously served as Global Financial Controller at Castrol, overseeing finance, accounting, compliance, and risk management across 40 countries.
Prior to Castrol, Baxi held multiple strategic leadership roles at British Petroleum (bp), where he contributed for over eight years. As the Head of Strategy for Asia Pacific, based in Mumbai, he led the regional business planning and execution, including new market entry and mergers & acquisitions. He also served as a key leader for Global Business Restructuring & Transformation at bp’s London headquarters, handling large-scale business integration projects and establishing new operating models.
Earlier in his tenure at bp, Baxi played a crucial role as Global Downstream Finance and Planning Head, managing strategic financial modeling and long-term planning for businesses with turnover exceeding $80 billion. His expertise includes extensive interaction with executive leadership teams, board members, analysts, and investors.
His earlier career included nearly nine years at Castrol India, where he served in various capacities, including General Manager of Finance, Accounts, and Controls, Head of Strategic Planning and Financial Performance Management, and as Chief Internal Auditor. His foundational years began with a seven-year tenure at Arthur Andersen & Co., specializing in financial due diligence, process re-engineering, and risk management across multiple industries.
Deepesh Baxi holds a BTech in Electrical Engineering from the prestigious Indian Institute of Technology (IIT), Delhi, and is an alumnus of the Indian Institute of Management Ahmedabad (IIM-A). He is also a qualified Chartered Accountant.
About Nayara Energy
Nayara Energy is an international energy company and India’s largest private fuel retailer. It operates India’s second-largest single-site refinery located at Vadinar, Gujarat, with a significant refining capacity. Nayara’s extensive retail network includes over 6,500 fuel stations spread across India, serving millions of customers daily.
Recently, Nayara Energy entered the petrochemical business, marking a strategic milestone by commissioning a 450,000-tonne polypropylene plant. This expansion underscores Nayara’s commitment to becoming an integrated energy player, diversifying its operations and reinforcing its market position.
The company is driven by over 3,500 dedicated professionals and maintains a strong focus on safety, sustainability, innovation, and community development.
Read Also : Entering 2025, TA Leaders’ Success Built on More than Just Hiring, Says The Josh Bersin Company
People Analytics Teams Still Struggle to Deliver Business Impact, Warns The Josh Bersin Company
ESG and Women’s Leadership: Driving Sustainability and Inclusion
Learning and Development Trends for 2025: Shaping the Future of Workplace Learning
