The Representative

India's Youth News Tank

The coming up of the ‘Maharatna’ – Indian Oil Corporation Limited

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indian oil

The largest oil and gas company of India – Indian Oil Corporation Limited – was established on 30th June 1959 under the name Indian Oil Company Ltd. In 1964, to streamline the oil activities in the country, Indian Refineries Ltd and Indian Oil Company Limited were amalgamated to form Indian Oil Corporation Limited. After a year in 1965, the Corporation extended its activities for the supply of LPG for domestic purposes, named ‘Indane’ in selected cities.

In 1969, it was registered as Indian Oil International Limited for sale of its products in Nepal. Five years later, Indian Oil set up a 2.5 million tonne refinery at Halida. The Corporation set up two new aviation fuel stations at Jaisalmer and Utterlai in 1987. By 1988, it had spread its operations and was serving a total of 29 airlines. In 1993, the Corporation introduced a new concept of the Computer Remote Operational Automatic LPG Filling System. This was developed at the Calcutta bottling plant.

ISO-9001 Certification was earned by the company in the year 1994.
Indian Oil collaborated with Tata Chemicals and set up 6 million tonnes of grassroots refineries in villages of Haryana in 1995. A year later, the IOCL formed 2 joint ventures – Indian Oil Tanking Ltd and Petronet India Ltd.
In 2007, plenty of awards and accolades were received by the company – Oil Industry Safety Directorate Awards ‘Most Admired Retailer of the Year’ award ‘CIO 100 Award 2007’ SAP ACE – Awards for Customer Excellence and the only petroleum company as ‘The Most Trusted Brand’ in ET’s Brand Equity’s annual survey.

The following year, the company was awarded the Retailer of the Year – Rural Impact Award and their XtraPower won Loyalty Summit Award.
During the same year, IOCL launched ‘LNG at Doorstep’ facility at the Pen unit of H&R Johnson. It aimed at catering to the needs of Liquefied Natural Gas (LNG) customers not located on the main natural gas pipelines.
The corporation was conferred with the status of ‘Maharatna’ by the Government of India providing it enhanced autonomy and larger flexibility.
238 new retail outlets and 414 Kisan Seva Kendra (KSK) outlets were commissioned during 2009-10.

Indane LPG brand earned the status of a ‘Superbrand’.During 2010-11 IOCL formed a joint venture company with Nuclear Power Corporation of India Ltd (NPCIL) for setting up Nuclear power plants. In 2017, IOCL announced that it was ranked 168th in the Fortune ‘Global 500’ listing for 2017.
Financial position Mar’20 (Rs cr):
• Sales: 484362
• Total income: 487152
• Net loss: 3242
• Share Capital: 9181

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