At 57, Nishi Vasudeva is set to break a second record in six years. Having become the first woman to get on the board of an Indian oil company in 2007, the IIM-Kolkata graduate is set to become the first woman to head Hindustan Petroleum Corporation Ltd (HPCL).

While the oil sector has traditionally been a male bastion in India, Vasudeva is in fact set to be the first woman to head any public sector undertaking (PSU) in India.

Vasudeva is the marketing director of HPCL at present and will succeed Subir Roychoudhury, who retires on February 28, 2014. The Public Enterprises Selection Board (PESB) chose Vasudeva from among seven candidates on Wednesday.

Having begun her career with state engineering consultancy firm Engineers India Ltd, Vasudeva has more than 35 years of experience in the industry. She will remain at the helm of HPCL for three years before superannuating.

Before becoming the marketing director, Vasudeva looked after the company's cooking gas sales and headed Bhagyanagar Gas Ltd, a joint venture with gas utility GAIL for providing CNG service in Andhra Pradesh. She has also worked in various sectors ranging from corporate strategy and planning to information system.

As per procedures, union oil minister M Veerappa Moily has to vet Vasudeva’s name, following which it will be sent for statutory clearances from the chief vigilance commission (CVC) and the central bureau of investigation (CBI). The appointments committee of the union cabinet will then clear her appointment. The entire process is expected to take a few months.

HPCL is the third largest refiner and fuel retailer in the country after Indian Oil and Bharat Petroleum. The company is also in an expansion mode – it is building a new refinery in Rajasthan's Barmer district and ramping up its Vizag refinery capacity.