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April 01, 2015 7:09 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Indian Oil Corporation Limited

Company Overview

Indian Oil Corporation Limited, together with its subsidiaries, is engaged in refining, transporting, and marketing petroleum products in India. It is also involved in the exploration and production of crude oil and gas; and marketing of natural gas and petrochemicals. The company’s products include LPG, natural gas, petrol/gasoline, diesel/gas oil, aviation turbine fuel/jet fuel, lubricants and greases, marine fuels and lubricants, kerosene, bulk/industrial fuels, bitumen, petrochemicals, and crude oil. In addition, it offers special products, such as benzene, carbon black feed stock, food grade hexane, jute batching oil, micro crystalline wax, mineral turpentine oil, paraffin wax, propylen...

3079/3, J.B. Tito Marg

Sadiq Nagar

New Delhi,  110049

India

Founded in 1959

33,793 Employees

Phone:

91 11 2626 0000

Key Executives for Indian Oil Corporation Limited

Whole-Time Director, Member of Establishment Committee, Member of Planning & Projects Committee, Member of Contracts Committee and Member of Health, Safety and Environment Committee
Age: 59
Total Annual Compensation: $2.9M
Compensation as of Fiscal Year 2014.

Indian Oil Corporation Limited Key Developments

Indian Oil Corporation Limited to Develop Natural Gas Infrastructure in Chhattisgarh

Indian Oil Corporation Limited (IOCL) will reach out an agreement with the Chhattisgarh government to develop total energy solutions in the state, Business Standard reported. As part of the agreement, IOCL would develop natural gas infrastructure, gas distribution and supply in the state. The energy firm will also build CNG stations to supply gas to the customers from different sectors such transport, industrial and commercial. The government will form a four-member Joint Coordination Team to oversee the project development. The oil company will use its technical and commercial expertise to find out energy needs in Chhattisgarh.

Government Of India Mulls Privatization Of State-Owned Companies

The government of Indian is seeking privatization of Public Utility Companies. The government could launch the disinvestment programme for 2015-2016 as early as the second week of April, provided market conditions remain favourable. It is likely to choose between a power sector and heavy industry firm for the first issue, a senior government official said. The disinvestment department is in a position to start early, having secured the Cabinet approval for stake sales in 10 companies, including Steel Authority of India Limited (BSE:500113), Coal India Limited (BSE:533278), Power Finance Corporation Limited (BSE:532810), Bharat Heavy Electricals Ltd. (BSE:500103) (BHEL), Rural Electrification Corporation Limited (BSE:532955) and NHPC Ltd. (BSE:533098). "So far, our strategy has been to surprise the markets. We have issues such as National Aluminium Co. Ltd. (BSE:532234) (Nalco) and NMDC Limited (BSE:526371) (NMDC) in our kitty. In an interview to Economic Times after the budget, Disinvestment Secretary Aradhana Johri had said that she faced a big challenge in FY 2016. "We will have 12 issues ready for disinvestment in FY2015-2016 but we will need to see market conditions. There are some constraints," she said. Besides smaller issues, the disinvestment department also has approval for 10% stake sale in Indian Oil Corporation Limited (BSE:530965) (IOC) and 5% in Oil and Natural Gas Corp. Ltd. (BSE:500312) (ONGC), which may fetch it around INR 210 billion at current market prices. "But the time is not conducive for stake sale in oil firms such as ONGC or IOC because of the global situation and also because of subsidy issues," said the official. Earlier this month, Minister of State for Finance, Jayant Sinha had told the Lok Sabha that the Cabinet Committee on Economic Affairs has approved sale of equity in four state-owned companies, including ONGC and NMDC, which may fetch the exchequer INR 225.74 billion. In a written reply, Jayant Sinha had said that based on the current market valuations, a 5% stake sale in ONGC could yield INR 132.17 billion while a 10% sale each in NMDC and Nalco would fetch about INR 50.38 billion and INR 11.9 billion, respectively. Jayant Sinha added that a 5% stake sale in BHEL could yield as much as INR 31.29 billion.

Government Of India Mulls Privatization Of State-Owned Companies

The government of India is seeking privatization of state-owned companies. Arun Jaitley, Finance Minister of India, said on March 25, 2015, “The government of India has drawn a list of state-owned companies which will be put on block for strategic sale.” For the fiscal year 2015-16, Arun Jaitley has proposed raising INR 695 billion from disinvestment and strategic sale in state-owned companies. As per the Budget 2015-16, INR 410 billion is estimated to come from minority stake sale in PSUs, and the remaining INR 285 billion is projected to come from strategic sale. The disinvestment department has lined up a host of companies including 5% in Oil and Natural Gas Corp. Ltd. (BSE:500312) (ONGC), Dredging Corp. of India Ltd. (BSE:523618), and Bharat Heavy Electricals Ltd. (BSE:500103). Besides, 10% in Indian Oil Corporation Limited (BSE:530965), National Aluminium Co. Ltd. (BSE:532234)and NMDC Limited (BSE:526371) are also being planned. It is also planning to list Rashtriya Ispat Nigam Ltd. and Hindustan Aeronautics Limited through a 10% stake dilution.

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