Essay by devilidevil September 2004

download word file, 16 pages 2.2

Downloaded 143 times

A Giant Is Born

IndianOil was incorporated on June 30, 1959 under the name and style of Indian Oil Company Ltd. Upon merger with Indian Refineries Ltd. on September 1, 1964, the name of the company was changed to Indian Oil Corporation Limited.

IndianOil has its Registered Office at:

IndianOil Bhavan

G-9, Ali Yavar Jung Marg

Bandra (East)

Mumbai - 400 051, India

Guwahati Refinery, the first public sector refinery of the country, was built with Romanian collaboration and was inagurated by the first Prime Minister of India, Pandit JawaharLal Nehru, on 1st January 1962. As on 1st April 2002 IndianOil owns and operates 10 of the country's 18 refineries with a refining share of 33% (over 41%, if the capacity of recently acquired subsidiaries is also added). IndianOil's seventh refinery at Panipat was commissioned in 1998. IndianOil's total refining capacity is now 38.15 Million Metric Tonnes per Annum# (as of 1st April 2002).

IndianOil commissioned India's first product pipeline, the Guwahati - Siliguri pipeline, in 1965. This 435-Km pipeline connecting Guwahati Refinery to different installations was designed to carry about 0.818 MMT of oil per year. Today (as of 1st April 2002) IndianOil operates the country's largest network of 7000 km of crude and product pipeline with a total capacity of 43.45 million metric tonnes per annum#.

From a small begining with a sale of 0.032 million kilolitres, IndianOil achieved sales of 10 million kilolitres with a turnover of Rs. 635 crore* and profit Rs. 22.5 crore by the late 60's. From then on, the company has grown from strength to strength and presently holds about 53.2% market share among oil public sector undertakings with products sales of 47.17 million tonnes during the financial year ending March 2002@. During 2001-2002, IndianOil's net profit before deferred tax...