1. INTRODUCTION TO
“INDIAN OIL CORPRATION LIMITED”
Indian Oil Corporation Limited, is India’s largest company by sale with a turnover of Rs 4,09,957 crore ($85,550 million) and profit of Rs 3,955 crore ($825 million) for year 2011-2012. Indian Oil is the highest ranked Indian company in the latest Fortune ‘Global 500’ listing ranked at 83rd position.
Beginning in 1959 as Indian Oil Company Ltd., Indian Oil Corporation Ltd. was formed in1964 with the merger of Indian Refineries Ltd. (established 1958).
HISTORICAL DEVELOPMENT * Indian refineries limited were formed with Mr. Feroze Gandhi as chairman. * Indian Oil Company limited was established on 30th June 1956 with Mr. S. Nifalingappa as the first chairman. * Foundation was laid for Gujarat Refinery Indian oil blending limited (a 50:50 joint venture between Indian oil and Mobil) was formed. * Indian Oil Corporation limited was born on 1st Sep, 1964 with the merger of Indian Oil limited company. Barauni refinery was commissioned. The first petroleum product pipeline from Guwahati to Siliguri (GSPL) was formed. * Gujarat refinery was in augurated by Dr, S. Radhkrishan the president of India Barauni Kanpur pipeline (BKPL) and Koyali – Ahemdabad products Indian oil people maintained the vital supply of petroleum products to defense 1965 war. * Indian oil acquired 60% majority shares of IBP. The same was offloaded in favors of
Bibliography: * Indian Oil Corporation limited was born on 1st Sep, 1964 with the merger of Indian Oil limited company. Barauni refinery was commissioned. The first petroleum product pipeline from Guwahati to Siliguri (GSPL) was formed. * Indian oil crossed the turnover of the magical mark of Rs. 100000 crore the first corporation in India to do so.