Indian Oil Corporation Limited: History, Latest Updates, Milestones, Subsidiaries & Share Price
Introduction
In the financial year 2022-23, Indian Oil, India's top-ranked Energy PSU according to the Fortune-500 list (Rank 94), achieved remarkable success with Revenue from Operations totalling Rs. 9,34,953 Crores and a net profit of Rs.8,242 Crores. As a diversified and integrated energy major, IndianOil operates across oil, gas, petrochemicals, and alternative energy sources. With a vast network of over 58,000 customer touchpoints, the corporation ensures the widespread distribution of petroleum fuels, supported by 70.05 MMTPA of refining capacity and over 15,000 KM of cross-country pipelines.
The corporation's commitment extends beyond business, integrating corporate social responsibility with its core offerings. IndianOil actively engages in initiatives related to health, education, environment protection, women's empowerment, and marginalized communities. Noteworthy achievements include being a leading player in City Gas Distribution, promoting sustainable transportation through the SATAT scheme, and establishing itself as a prominent force in the renewable energy sector with 240 MW capacity. Through innovative partnerships and investments in research, IndianOil remains at the forefront of technological advancements and sustainable practices.
Indian Oil Moves In 2023
On December, 2023
Tata Power EV Charging Solutions Limited (TPEVCSL), a subsidiary of the Tata Power Group and a prominent EV charging solutions provider, has entered into a memorandum of understanding (MoU) with Indian Oil Corporation Limited (IOCL). The agreement aims to deploy fast and ultra-fast electric vehicle (EV) charging points across India. This collaboration seeks to establish over 500 EV charging points throughout the country.
In a notable step towards promoting sustainable energy solutions, EKI Energy Services Ltd., a prominent global carbon credits developer, and Indian Oil Corporation Ltd. (IndianOil), India's flagship Maharatna oil company, has officially entered into a Memorandum of Understanding (MOU). This strategic partnership is focused on endorsing "Surya Nutan," IndianOil's innovative indoor solar cooking system, to advance sustainable practices for communities.
On October 2023
The board of Indian Oil Corporation has approved an equity investment of Rs.1,660.15 crore, securing a 50% stake in the joint venture company Indian Oil NTPC Green Energy. This strategic decision underscores their dedication to renewable energy initiatives.
On August, 2023
In the fiscal year 2022-23, Indian Oil Corporation Limited (IOCL) broadened its crude oil portfolio by incorporating 36 new grades from Africa, the Middle East, and Russia. This strategic expansion enables Indian Oil to diversify its crude basket, providing a broader spectrum of feedstock.
IOCL has opted to build its own business facility in Tadepalli, Andhra Pradesh.
Indian Oil Corporation (IOCL) has announced a notable net profit of Rs. 12,967.32 crore for the quarter ending September 30. The surge in profit is attributed to increased refining and marketing margins. Impressively, this quarterly profit accounts for more than half of its best-ever annual profit, showcasing robust performance in a single quarter.
Evolution Of Indian Oil: From Past to Present
|
Year |
Evolution |
|
1959 |
Established - Indian Oil Company Limited |
|
1964 |
Merger - Indian Refineries Limited |
|
1964 |
Nationalized & Renamed - Indian Oil Corporation Limited |
|
1965 |
IOCL ventured into the LPG sector with the brand name "Indane." |
|
1968 |
Ubex plant commissioned in collaboration with Nuovo Pignone S.P.A., Italy. |
|
1972 |
Government decided to establish a Mathura (U.P.) refinery in collaboration with the USSR. |
|
1980 |
Acquired CPCL, becoming a major player in the refining and marketing sector. |
|
1987 |
Two AFS commissioned in Rajasthan. Proposed expansions in Mumbai, Goa, and Arakonam. |
|
1992 |
Developed 82 lubricant formulations and created a fuel-efficient hurricane lantern. |
|
1993 |
Implemented Computer Remote Operational Automatic LPG Filling System (RALFS) at Calcutta bottling plant. |
|
1996 |
SERVO expanded globally. Formed joint ventures, Indian Oil Tanking Ltd and Petronet India Ltd. |
|
1998 |
Expanded globally and formed joint ventures. Signed agreements with Premier Oil Pacific Ltd. UK and Petronas Carigali, Malaysia. |
|
2001 |
Established IndianOil (Mauritius) Limited. |
|
2002 |
Collaborated with Ceylon Petroleum Corp. for Sri Lanka fuel retail. Secured a 5-year supply and expertise deal with Nepal Oil Corp. Introduced 'tank truck security system' in Andhra Pradesh. Signed $100M contract, supplying diesel and jet fuel to Sri Lanka. Launched eco-friendly 'Autogas.' Established Lanka IOC Ltd., a subsidiary with Ceylon Petroleum. Unveiled 'IOC Premium' and 'Superior Diesel.' Partnered with Gujarat Port for efficient crude oil handling. |
|
2003 |
Railways partnered with IOC for bio-diesel production. Tata Motors signed MoU for marketing services. Inked pact with BP for crude imports from Egypt. Launched 'bagful of offers' campaign for premium petrol. Secured $100 million oil import financing from BNP Paribas. |
|
2004 |
Introduced the Servo brand in the UAE. |
|
2009 |
Climbed up to the 105th rank in the Fortune "Global 500" list. Received the MoU Excellence Award for 2007-08. Inked an MoU on City Gas Distribution with Adani Energy Limited. Signed an MoU with PA LLC of Florida. |
|
2012 |
Jointly acquired a stake in Carrizo's liquid-rich shale assets in the Niobrara basin in Colorado, USA. Introduced SERVO 4T SYNTH, an advanced synthetic engine oil. Received the Corporate Sustainability Vision Award for 2012. |
|
2015 |
Construction begins on a 4 MW solar power project. IOC signs MoU with Nepal Oil Corporation. |
|
2017 |
Plans 28 petrol outlets and an ethanol plant. IOCL to set up a second-generation ethanol plant in Panipat. IOC, LanzaTech sign deal for off-gas-to-bioethanol unit. |
|
2022 |
Wins Global Healthy Workplace Award. Launches 3rd phase of "Parivartan-Prison to Pride." Signs MoU with National Tiger Conservation Authority. Signs agreement with NTPC for renewable energy in refineries. Becomes first Oil Marketing Company to produce AVGAS 100 LL in the country. |
|
2018 |
Becomes the most profitable government corporation. |
|
2021 |
Signs deal with Rosneft for the purchase of oil. |
|
2022 |
Apollo hospitals replaced IOCL from the Nifty 50 benchmark Index. |
|
Company Information |
|
|
Name |
IndianOil Corporation Limited |
|
Founded year |
30th June 1959 |
|
Founding chairman |
Central Public Sector Undertaking |
|
Headquarters |
New Delhi, India |
|
Industry |
Energy; Oil and Gas |
|
Current chairman |
Shrikant Madhav Vaidya |
|
Major subsidiaries |
Indane (LPG) Chennai Petroleum Corporation Limited Petronet LNG |
|
Revenue |
Rs. 955,608.86 crore (2023) |
|
Geography served |
India, Sri Lanka, Middle East, Mauritius & Worldwide |
|
NSE code |
NSE: IOC |
|
BSE code |
BSE: 530965 |
Timeline Of Indian Oil
|
Year |
Fact |
Time Line |
|
1959 |
Established |
Indian Oil Company Limited |
|
1964 |
Merger |
Indian Refineries Limited |
|
1964 |
Nationalized & renamed |
Indian Oil Corporation Limited |
|
1965 |
Indane |
IOCL ventured into the LPG sector with the brand name "Indane." |
|
1968 |
Collaboration |
Ubex plant commissioned in collaboration with Nuovo Pignone S.P.A., Italy. |
|
1970 |
Expansion |
Expanded operations with the construction of refineries and pipelines. |
|
1972 |
Establishment |
Government decided to establish a Mathura (U.P.) refinery in collaboration with the USSR. |
|
1974 |
Establishment |
IOCL committed to establishing a 2.5 million tonnes refinery in Haldia. |
|
1980 |
Acquisition |
Acquired CPCL, becoming a major player in the refining and marketing sector. |
|
1986 |
AFS |
Secure 'Pin' type self-closing equipment conversion. Aviation Fuel Station (AFS) network expanded to 77. |
|
1990 |
Diversification |
Diversified into petrochemicals and natural gas. |
|
1991 |
Inauguration |
Inaugurated two new bottling plants. |
|
1992 |
Development |
Developed 82 lubricant formulations and created a fuel-efficient hurricane lantern. |
|
1993 |
RALFS |
Implemented Computer Remote Operational Automatic LPG Filling System (RALFS) at Calcutta bottling plant. |
|
1995 |
Establishment |
Established two new LPG bottling plants. Collaborated with Tata Chemicals for a grassroots refinery. |
|
1996 |
SERVO |
SERVO expanded globally. Formed joint ventures, Indian Oil Tanking Ltd and Petronet India Ltd. |
|
1998 |
Joint Ventures |
Expanded globally and formed joint ventures. Signed agreements with Premier Oil Pacific Ltd. UK and Petronas Carigali, Malaysia. |
|
2001 |
Mauritius |
Established IndianOil (Mauritius) Limited. |
|
2002 |
Sri Lanka |
Collaborated with Ceylon Petroleum Corp. for Sri Lanka fuel retail. Secured a 5-year supply and expertise deal with Nepal Oil Corp. Introduced 'tank truck security system' in Andhra Pradesh. Signed a $100M contract, supplying diesel and jet fuel to Sri Lanka. Launched eco-friendly 'Autogas.' Established Lanka IOC Ltd., a subsidiary with Ceylon Petroleum. Unveiled 'IOC Premium' and 'Superior Diesel.' Partnered with Gujarat Port for efficient crude oil handling. |
|
2003 |
Partnership, MOU, Launch |
Railways partnered with IOC for bio-diesel production. Tata Motors signed MoU for marketing services. Inked pact with BP for crude imports from Egypt. Launched 'bagful of offers' campaign for premium petrol. Secured $100 million oil import financing from BNP Paribas. |
|
2004 |
UAE |
Introduced the Servo brand in the UAE. |
|
2005 |
Collaboration |
Pledged to set up a 2.5 million tonnes refinery in Haldia in collaboration with TECHNIP/ENSA (France) and Industrial Export (Romania). |
|
2006 |
MOU |
Signed MOU with NSCF for ethanol supply. Partnered with BIAL for a fuel station. Collaborated with U21Global for employee management training. Joined hands with IFP for management programs. |
|
2007 |
MOU |
Entered into an MOU with UAE Exchange. |
|
2008 |
Partnership |
Partnered with HUL for Kwality Walls Kiosks at Petrol Stations. MOU with the Government for cleaner and sustainable energy sources. MOU with Transparency International India to implement the Integrity Pact. |
|
2009 |
Awards |
Climbed up to the 105th rank in the Fortune "Global 500" list. Received the MoU Excellence Award for 2007-08. Inked an MoU on City Gas Distribution with Adani Energy Limited. Signed an MoU with PA LLC of Florida. |
|
2012 |
USA |
Jointly acquired a stake in Carrizo's liquid-rich shale assets in the Niobrara basin in Colorado, USA. Introduced SERVO 4T SYNTH, an advanced synthetic engine oil. Received the Corporate Sustainability Vision Award for 2012. |
|
2013 |
MOU |
IOC plans Doimukh depot expansion. IOCL signs Rs 5,000 crore natural gas terminal MoU in Odisha. |
|
2014 |
Award |
Awarded SCOPE Meritorious Award for CSR and Responsiveness. R&D wins National Awards for Technology Innovation |
|
2015 |
Nepal |
Construction begins on a 4 MW solar power project. IOC signs MoU with Nepal Oil Corporation. |
|
2016 |
Expansion |
Buys stake in Taas-Yuriakh oil field. Announces Rs 1.80 trillion investment plan. Receives USTDA grant for refinery modernisation. IOCL board approves Barauni Refinery expansion. Issues 1:1 bonus share. |
|
2017 |
Deal |
Plans 28 petrol outlets and an ethanol plant. IOCL to set up second-generation ethanol plant in Panipat. IOC, LanzaTech sign deal for off-gas-to-bioethanol unit. |
|
2018 |
Acquisition |
Purchases third shipload of US crude oil. Announces 1:1 bonus share. Acquires 4% stake in LanzaTech. Provides LPG connections under PMUY. |
|
2021 |
Credit Rating |
Receives credit rating upgrade. Acquires 5% stake in Indian Energy Exchange's subsidiary. Approves investment for new crude oil pipeline. |
|
2022 |
Award |
Wins Global Healthy Workplace Award. Launches 3rd phase of "Parivartan-Prison to Pride." Signs MoU with National Tiger Conservation Authority. Signs agreement with NTPC for renewable energy in refineries. Becomes first Oil Marketing Company to produce AVGAS 100 LL in the country. |
|
2021 |
Deal |
Signs deal with Rosneft for the purchase of oil. |
|
2022 |
Replacement |
Apollo hospitals replaced IOCL from the Nifty 50 benchmark Index. |
Inside Indian Oil: Exploring Subsidiary Ventures:
IndianOil
Corporate Actions/ Main News: IOC has reported consolidated net sales of Rs 179,245.67 crore, experiencing a 14.14% year-on-year decline. Additionally, India's largest oil company, Indian Oil Corporation, is set to invest Rs 1,660.15 crore as equity in a newly formed joint venture with NTPC Ltd, a major energy player, aimed at advancing renewable power projects.
Chennai Petroleum Corporation Limited
Corporate actions/Main News: The Chennai oil spill is attributed to the government-operated petrochemical company CPCL, although the company is refuting the accusation.
Petronet LNG
Corporate actions/Main News: Petronet LNG secures a 3% gain after securing an order from Gopalpur Ports to establish an LNG Terminal along the east coast.
IndianOil Subsidiaries NSE/BSE: Current Share Prices
|
COMPANY NAME |
SECTOR |
SHARE PRICE LINK |
|
Indian Oil |
Refineries |
Achievements & Milestone
|
Year |
Achievements |
|
2023 |
On National Energy Conservation Day, the esteemed President of India, Smt Droupadi Murmu, bestowed the IndianOil National Energy Conservation Awards (NECA)-2023 upon Mr. Shrikant Madhav Vaidya, Chairman, and Ms Sukla Mistry, Director (Refineries), at IndianOil. |
|
2023 |
IndianOil achieves a remarkable victory at the PRSI National Awards, showcasing excellence in communications with a record-breaking performance. |
|
2023 |
Mr. Anuj Jain has assumed the role of Director (Finance) on the Board of Indian Oil Corporation (IndianOil). |
|
Mr. Senthil Kumar N has been appointed as the Director (Pipelines) and has become a part of the Board of Indian Oil Corporation Ltd. |
|
Year |
Milestone |
|
1958 |
Indian Refineries Limited Established |
|
1959 |
Indian Oil Company Limited formed. First Office at Botawala Chambers, Mumbai. |
|
1960 |
First parcel of diesel received from Russia. |
|
1962 |
Guwahati Refinery, first public sector refinery inaugurated. First fuel station inaugurated. First export cargo to Bhutan. |
|
1964 |
Indian Refineries Ltd. merged with Indian Oil Co. Ltd. and renamed as Indian Oil Corporation Limited (IOCL). IOCL enters aviation business, first supply to IAF. First product pipeline commissioned. |
|
1965 |
Barauni Refinery commissioned. IOCL Aviation enters civil aviation. Indane Cooking Gas launched in Kolkata. |
|
1966 |
Gujarat Refinery dedicated to the nation. |
|
1969 |
Madras Refineries Ltd. commissioned. |
|
1972 |
IOCL R&D centre established. SERVO, the first indigenous lubricant brand launched. |
|
1975 |
World's highest altitude fuel station comes up at Leh, Haldia Refinery commissioned. |
|
1981 |
Assam Oil Company limited / Digboi refinery merged with IOCL. |
|
1982 |
Mathura Refinery commissioned. |
|
1993 |
India's first Hydrocracker commissioned at Gujarat Refinery. |
|
1995 |
IOCL shares listed on BSE, IOCL Institute of Petroleum Management inaugurated at Gurgaon. |
|
1998 |
IOCL enters LNG business through Petronet LNG, Panipat Refinery commissioned. |
|
2000 |
IOCL Foundation set up, IOCL enters Exploration and Production. |
|
2001 |
IOCL Mauritius Ltd. registered. CPCL & BRPL become subsidiary companies. |
|
2002 |
IOCL Autogas launched, controlling stake acquired in IBP Co. Ltd. |
|
2003 |
Lanka IOC incorporated, launch of premium fuel XTRAPREMIUM, INDMAX unit commissioned at Guwahati Refinery. |
|
2004 |
IOCL first Indian Corporate to touch Rs.150,000 crore turnover, Entry into petrochemicals with LAB plant at Gujarat Refinery. |
|
2005 |
10,000th fuel station at Tirupati. |
|
2007 |
IBP Co. Ltd. merged with IOCL. |
|
2009 |
Amalgamation of BRPL/Bongaigaon Refinery with ICOL. India's first solar energy station at Puri. |
|
2010 |
IOCL gets Maharatna Status, Panipat Naptha Cracked goes on stream strengthening IOCL's petrochemical presence, Petrochemical brand PROPEL launched. |
|
2012 |
20,000th fuel station commissioned. |
|
2016 |
Paradip Refinery commissioned, 100th AFS at Rourkela. |
|
2020 |
IOCL leads pan-India rollout of BS-VI fuels, CBG retailing begins under IndiGreen brand, India's first 100 Octane petrol XP100 and value-added Indane XtraTej launched, 30,000th fuel station commissioned. |
Conclusion
In every facet of its operations, Indian Oil Corporation Limited (Indian Oil) stands as a beacon of excellence, weaving an impactful narrative in India's energy landscape. With an unparalleled nationwide reach, IndianOil's extensive network of over 58,000 customer touch-points ensures the seamless distribution of precious petroleum fuels to every nook and corner of the country. Bolstered by a robust marketing infrastructure, the company's refining capacity of 70.05 MMTPA and an extensive pipeline network of over 15,000 KM underscore its vital role in the energy sector.
Fuelling the dreams and aspirations of approximately 30 million Indians daily, IndianOil's extensive network of over 34,000 fuel stations is a testament to its commitment to serving the nation. As a leader in the LPG market, the brand Indane caters to over 140 million customers, further solidifying its presence in the energy landscape.
IndianOil's significance extends beyond traditional fuel distribution, encompassing petrochemical excellence with a production capacity of nearly 3200 KTA. Actively engaged in cutting-edge research, the company explores the realms of hydrogen, aiming to establish Green Hydrogen Plants and fortify the Green Hydrogen ecosystem through strategic partnerships.
As a leading player in City Gas Distribution (CGD), IndianOil contributes to the development of urban gas infrastructure. The company's pioneering initiatives include promoting sustainable transportation through its active participation in the SATAT scheme and leading the market with Compressed Bio-Gas (CBG) marketing under the brand "IndiGreen."
Embracing renewable energy, IndianOil possesses a substantial portfolio, including Solar PV and Wind capacities, reflecting its commitment to a sustainable future. Innovative collaborations, such as the partnership with Phinergy Limited for Aluminium-Air Battery technology, showcase IndianOil's forward-looking approach.
In the era of electric mobility, IndianOil has set a milestone by installing over 2000 EV charging stations, reinforcing its commitment to shaping the future of transportation. Beyond business, IndianOil exemplifies corporate responsibility, dedicating nearly Rs 1,800 Crore to impactful CSR initiatives, ranging from healthcare and education to environmental sustainability.
In essence, IndianOil is not just an energy company; it is a catalyst for progress, a champion of sustainability, and a symbol of unwavering commitment to the people and the nation. Through its multifaceted endeavours, IndianOil remains at the forefront, steering India towards an energy-efficient and sustainable future.
Frequently Asked Questions:
What is the IndianOil Share Price NSE?
You can check IndianOil Corporation Limited Share Price on Enrich Money's stock analysis page.
Where can I find financial and technical information related to IndianOil?
You can check IndianOil Corporation Limited Share Price on Enrich Money's stock analysis page for all financial, technical, shareholding pattern, corporate action, news , and IndianOil Share Price information .
What are some recent developments or collaborations involving IOCL?
Recent collaborations include partnerships with Tata Power for EV charging solutions, MoUs with companies like Phinergy Limited for battery technology, and equity investment in joint ventures for renewable energy projects.
How is IOCL contributing to renewable energy and sustainability?
IOCL is actively involved in renewable energy initiatives, including the establishment of Green Hydrogen Plants, solar and wind power projects, and the commercialization of innovative technologies like Aluminium-Air Battery.
What is the significance of IOCL's refining capacity?
IOCL has a substantial refining capacity, with over 70.05 million Metric Tonnes Per Annum (MMTPA). This capacity enables the production of various high-quality petroleum products efficiently.
Disclaimer: This blog is dedicated exclusively for educational purposes. Please note that the securities and investments mentioned here are provided for informative purposes only and should not be construed as recommendations. Kindly ensure thorough research prior to making any investment decisions. Participation in the securities market carries inherent risks, and it's important to carefully review all associated documents before committing to investments. Please be aware that the attainment of investment objectives is not guaranteed. It's important to note that the past performance of securities and instruments does not reliably predict future performance.
