Indian Oil Corporation

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For the America-based oil company, see Indian Refining Company.
Indian Oil Corporation Limited
Traded as BSE530965
Industry Oil and gas
Founded 1964
Headquarters New Delhi India
Area served
Key people
B. Ashok (Chairman)
Products Fuels, lubricants, petrochemicals
Revenue Increase US$ 81.55 billion (2014)[1]
Increase US$ 03.30 billion (2012)[1]
Profit Decrease US$ 01.18 billion (2014)[1]
Total assets Increase US$ 44.54 billion (2014)[1]
Total equity Increase US$ 11.59 billion (2012)[1]
Owner Government of India
Number of employees
36,198 (2012)[1]

Indian Oil Corporation Limited, or Iocl, is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India. It is the world's 119th largest corporation, according to the Fortune Global 500 list, and the largest public corporation in India when ranked by revenue.[2]

IndianOil and its subsidiaries account for a 49% share in the petroleum products market, 31% share in refining capacity and 67% downstream sector pipelines capacity in India. The IndianOil Group of companies owns and operates 10 of India's 22 refineries with a combined refining capacity of 65.7 million metric tonnes per year. In FY 2012 IOCL sold 75.66 million tonnes of petroleum products and reported a PBT of 37.54 billion, and the Government of India earned an excise duty of 232.53 billion and tax of 10.68 billion.

The company is mainly controlled by Government of India which owns approximately 58.57% shares in the company.[3] It is one of the seven Maharatna status companies of India, apart from Coal India Limited, NTPC Limited, Oil and Natural Gas Corporation, Steel Authority of India Limited, Bharat Heavy Electricals Limited and Gas Authority of India Limited.[4]

Products and services[edit]

IndianOil service station in Pipili, Odisha

The main products of IndianOil are petrol, diesel, LPG, auto LPG, aviation turbine fuel, lubricants and petrochemicals: naphtha, bitumen, kerosene etc.

Indian Oil truck carrying fuel across the Himalayas
Indian Oil truck at North Pullu, entrance to Nubra Valley, Ladakh. 2010


IOCL has various refineries across India.

  • Paradip Refinery - The commissioning of 15 million tonnes per annum refinery in November 2012 has been delayed and is now expected to be operational only in June 2015.[6]

International rankings[edit]

  • IndianOil is the highest ranked Indian company in the Fortune Global 500 listing, at the 119th position in 2013. It is also the 18th largest petroleum company in the world and the No. 1 petroleum trading company among the national oil companies in the Asia-Pacific region.
  • IOCL was featured on the 2011 Forbes Global 2000 at position 243.
  • It is the fifth most valued brand in India according to an annual survey conducted by Brand Finance and The Economic Times in 2010.[7]


As of 31 March 2013, the company had 34,084 employees, out of which 2643 were women (7.8%). Its workforce includes 14,981 officers.[8] The attrition rate in IndianOil is around 1.5%.[9] The company incurred INR 78 billion on employee benefits during the FY 2012-13.[8]

Listing and shareholding[edit]

IndianOil's equity shares are listed on the Bombay Stock Exchange and National Stock Exchange of India.[10]

As of 23 August 2015, the promoters Government of India held approx. 58.57% of the shares in IndianOil. ONGC held approx. 9% of the shares. Remaining 12% of the shares are held by others.[11] On 23 August 2015, the Government of India reduced its stake by another 10% bringing the number shares held to 58.57%. [12]

Shareholders (as on 31-March-2014) Shareholding[11]
Promoter Group (Government of India) 58.57%
private single body 40.13%
Insurance Companies 01.50%
Individual shareholders 0.83%
Trusts 0.42%
Foreign Institutional Investors (FII) 0.13%
Others 0.07%
Total 100.0%


Indian Oil Corporation has two major domestic competitors, Bharat Petroleum and Hindustan Petroleum. Both are state-controlled, like Indian Oil Corporation. There are two private competitors: Reliance Industries and Essar Oil.

Oil Industry Development Board[edit]

India has begun the development of a strategic crude oil reserve sized at 37.4 million barrels (5,950,000 m3), enough for two weeks of consumption.[13] Petroleum stocks have been transferred from the Indian Oil Corporation (IndianOil) to the Oil Industry Development Board (OIDB).[14] The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve.[15]


  1. ^ a b c d e f "Financial Statement - Indian Oil Corporation Limited". Bloomberg Businessweek. Retrieved 27 January 2014. 
  2. ^ "Global 500". Fortune Global 500. Retrieved 31 Aug 2013. 
  3. ^
  4. ^ List of Maharatna, Navratna and Miniratna CPSEs |. Retrieved on 2013-07-28
  5. ^ "IOC mulls expanding capacity at Panipat refinery to 21 million tonne". The Economic Times. Retrieved 29 November 2013. 
  6. ^ "Delay in commissioning of Paradip refinery". 11-08-2012.  Check date values in: |date= (help)
  7. ^ "India's top 10 brands". Retrieved 26 October 2010. 
  8. ^ a b "IOCL - Annual Report 2012-13" (PDF). BSE India. Retrieved 26 January 2014. 
  9. ^ "HighTea Chat Transcript with Mr. Biswajit Roy: GM (HRD), Indian Oil Corporation". Times Jobs. 22 January 2014. Retrieved 26 January 2014. 
  10. ^ "Listing Information - Indian Oil Corporation Limited". Economic Times. Retrieved 27 January 2014. 
  11. ^ a b "Shareholding Pattern". Indian Oil. 31 December 2013. Retrieved 27 January 2014. 
  12. ^
  13. ^ "Alexander's Gas & Oil Connections – India to build up storage of crude oil". 21 September 2004. Retrieved 26 August 2010. 
  14. ^ "Strategic oil reserves to come directly under Govt". The Hindu Business Line. 2 April 2006. Retrieved 26 August 2010. 
  15. ^ 20 June 2007, 09.18 pm IST, PTI (20 June 2007). "'India to form crude oil reserve of 5 mmt'- Oil & Gas-Energy-News By Industry-News-The Economic Times". Retrieved 26 August 2010. 

External links[edit]