Castrol India Ltd has appointed Mrinalini Srinivasan as its new Chief Financial Officer (CFO), effective July 28, 2025, marking a significant leadership transition at the lubricants giant. With over 17 years of multinational finance experience at Procter & Gamble across Asia, the Middle East, and Africa, Srinivasan will be responsible for overseeing the company’s financial operations and supporting long-term strategic growth. She succeeds Deepesh Baxi, who exited the role in March 2025. Castrol confirmed that Srinivasan will work alongside interim CFO Vishal Thakkar until August to ensure an orderly transition.
A Strategic Leadership Move
The appointment of Mrinalini Srinivasan signals Castrol India’s commitment to deepening its financial leadership bench at a time when the company is focusing on resilience, operational alignment, and long-term sustainability. Her elevation to CFO brings a seasoned finance executive to the helm of Castrol’s fiscal management at a moment of increasing complexity in the automotive and industrial lubricants sector.
According to Managing Director Kedar Lele, Srinivasan’s “ability to navigate complex business environments and foster cross-functional alignment” is expected to enhance the company’s financial strategy as it adapts to changing consumer behavior, evolving regulations, and the energy transition.
Transition and Continuity
While Srinivasan formally assumes charge at the end of July, Castrol has arranged a collaborative handover period with interim CFO Vishal Thakkar, who has overseen the finance portfolio since Baxi’s departure. This phased onboarding is designed to ensure operational continuity and institutional knowledge transfer, minimizing disruption and positioning the incoming CFO for success from day one.
The leadership change follows the departure of former CFO Deepesh Baxi in March, who left to pursue external opportunities. Baxi had played a pivotal role in managing Castrol’s financial operations during a period of economic volatility and industry transformation.
A Veteran with Global Financial Acumen
Srinivasan’s two-decade-long journey at Procter & Gamble India included leadership roles across various geographies and business verticals. Her exposure to diverse markets across Asia, the Middle East, and Africa gives her a nuanced understanding of macroeconomic dynamics, corporate governance, and emerging market growth strategies.
Her ability to balance analytical precision with strategic foresight is expected to support Castrol India’s efforts in improving operational efficiencies, strengthening investor relations, and enhancing value creation for stakeholders.
A Forward-Focused Board
Welcoming her to the board, Castrol India Chairman Rakesh Makhija stated that Srinivasan’s experience and balanced approach will be critical in driving “long-term, sustainable growth.” Her entry into Castrol’s leadership team reflects the board’s continued focus on strong financial stewardship and governance excellence, particularly as the company navigates ongoing shifts in the mobility and energy sectors.
This appointment comes at a time when legacy energy and lubricant players like Castrol are actively reassessing their product portfolios, sustainability initiatives, and digital transformation roadmaps to stay relevant in a post-carbon economy.
Conclusion
As Castrol India accelerates its evolution in a rapidly transforming industry, Mrinalini Srinivasan’s appointment as CFO underscores a strategic pivot toward agile, insight-driven financial leadership. Her global expertise, coupled with deep operational know-how, positions her well to help steer the company through both immediate priorities and long-term ambitions.
Her onboarding represents more than just a routine succession; it reflects Castrol’s intent to build resilience, unlock efficiencies, and capitalize on opportunities in emerging markets, even as the broader energy and automotive sectors face mounting disruption.
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