Indian Oil's Ambitious Path to a $1 Trillion Giant by 2047

Indian Oil Corporation (IOC) targets becoming a $1 trillion company by 2047, focusing on traditional oil refining, clean energy, and green initiatives. Achieving net-zero carbon by 2046, IOC plans significant investments in petrochemicals, renewable energy, and advanced battery technologies.

Indian Oil Corporation (IOC), the nation's largest oil firm, has set an ambitious target to become a USD 1 trillion company by 2047, combining growth in traditional oil refining and fuel marketing with clean energy initiatives such as green hydrogen and EV charging, according to its chairman, Shrikant Madhav Vaidya.

In the fiscal year 2023-24, IOC posted a record net profit of Rs 39,619 crore (USD 4.7 billion) on a revenue of Rs 8.66 lakh crore (USD 104.6 billion). The company will continue to balance its investments in fossil fuels with new energy avenues to achieve net-zero carbon emissions by 2046, Vaidya stated in the latest annual report.

IOC plans to expand oil refining capacity, invest in petrochemical units to produce value-added chemicals directly from crude oil, and increase its focus on gas, biofuels, and clean mobility. The firm is also setting up a subsidiary, Terra Clean Limited, to consolidate its green initiatives under one umbrella.