Chairman’s Message

IndianOil made its mark among the ‘Top 10 Strongest Oil and Gas Brands’ worldwide (Brand Finance Plc 2022 listing) and was also named as the ‘Most Loved Non-FMCG Brand’ by Kantar Brandz (2022).

Shrikant Madhav Vaidya

Chairman, IndianOil

Dear Shareholders,

It is my privilege to present to you the Integrated Annual Report of your Company for 2022-23. It captures the essence of a year that reflects the milestones and values that define IndianOil, and how it has emerged as the harbinger of India’s energy transition journey. I feel proud that our dedicated team has consistently delivered outstanding results to enhance shareholders’ value. Let me reiterate that we remain committed to maintaining the highest standards of corporate governance, transparency, and accountability, ensuring that the interests of our stakeholders are safeguarded at every step.

I am happy to share that your Company’s performance in 2022-23 was indeed stellar across all operational fronts. During the year, your Company registered its highest-ever Revenue from Operations, at H9,34,953 Crore (Rupees Nine Lakh Thirty-Four Thousand Nine Hundred and Fifty-Three Crore). We also notched up a net profit of H8,242 Crore (Rupees Eight Thousand Two hundred and Forty-Two Crore), that underscores the inherent resilience that empowers us to rise above global challenges and make a mark. We also achieved the highest ever sales volume of 95.714 Million Metric Tonnes of products, cementing our leadership position in the business. Honours also rolled in as your Company made its mark among the ‘Top 10 Strongest Oil and Gas Brands’ worldwide (Brand Finance Plc 2022 listing) and was also named as the ‘Most Loved Non-FMCG Brand’ by Kantar Brandz (2022).

It was also a year of shining milestones like silver jubilee celebrations of Panipat Refinery & Petrochemical Complex, and the Pipelines Division, golden jubilee of Bongaigaon Refinery and the diamond jubilee of Guwahati Refinery.

Values that Steer India’s Energy Vision

I strongly believe that organisational success endures only when it is backed by an unwavering commitment to values that shine above business dimensions. The above numbers, milestones and accolades were delivered by our super-motivated energy soldiers, demonstrating the tenet of ‘Pehle Indian Phir Oil’ or Nation before business, in letter and spirit. Beyond our much-celebrated core values of Care, Innovation, Passion, and Trust, the spirit of ‘Nation-First’ is infused in our DNA and has turned your Company into the force it is today. Thus, in a natural progression, we have added another core value, ‘Nation-First,’ to our existing values. To reiterate and reaffirm our commitment to our Values, the first Values Day was celebrated on June 30, 2023. This marks the landmark day in 1959, when Indian Oil Company Ltd., the precursor to Indian Oil Corporation Ltd., was incorporated.

The journey of over six decades of energising India has been deeply fulfilling. We are geared to catalyse the country’s growth trajectory, as the energy custodians, and the architects of a brighter tomorrow. In specific terms your Company, has a distinct vision to drive India’s energy destiny. Currently, we have a 9% share in India’s energy pie, and we intend to increase our contribution to around 1/8th or 12.5% by 2050. There is a concrete action plan to get there and establish your Company as a 360-degree energy company. The blueprint encompasses leveraging varied pathways to fulfil the rapidly growing energy demand of an ascendant India.

Taking on the green mantle

Under India’s G20 Presidency, ‘ensuring universal energy access and just, affordable, and inclusive energy transitions’ is a key priority, that echoes the need for striking a strategic balance while driving accelerated, inclusive, and resilient growth in the energy sector.

Beyond fuelling, we aspire to be the vitalising force in greening an ascendant nation. India’s resolve to achieve the Net-Zero Goal by 2070, defines this ‘New India’, that is ambitious, socially empathetic, and environmentally sensitive. Aligning with these national targets, during the last Annual General Meeting, your Company committed itself to achieving Net Zero operational emissions by 2046, aiming to mitigate both Scope 1 & 2 emissions.

This declaration is a defining moment in the history of your Company that demonstrates its firm resolve of leading India’s energy transition journey from the front. We already have a well-crafted blueprint in place with a multi-pronged approach to gradually take us towards the Net-Zero destination with an investment of around USD 30 Billion till 2046. The various emission mitigation pathways such as green hydrogen, biofuels, renewables, carbon offsetting, and Carbon Capture Utilisation and Storage (CCUS) are already underway to steer the green journey.

Powering Progress

While steering India’s green agenda, I must underline, that given India’s progress trajectory and geopolitical realities, it is imperative to strengthen our focus on the traditional business.

The country’s energy demand is all set to go up as the Indian economy is pacing ahead, aiming for the USD 5 Trillion mark by 2025 and USD 10 Trillion by 2030. In fact, the tumultuous geopolitical events that unfolded in 2022, led to the developed economies rearranging their energy baskets and lean towards conventional fuels. Let me assure you that we are focused on accelerating the traditional energy avenues, while shaping the green energy vision. Our physical performance of 2022-23 demonstrates the preparedness to cater to the rising demand, efficiently and sustainably.

CAPEX Goals: Delivered & Excelled

Your Company contributes to more than 25% of the total Capex incurred by PSUs under the Ministry of Petroleum & Natural Gas, reflecting its energy leadership. For 2022-23, your Company achieved a Capex of H 37,287 Crore, which is 131% of the utilisation value budgeted for the fiscal year. The ambitious Capex of H 30,395 Crore for 2023-24 reiterates our commitment to serve the nation with all its might, in the years ahead.

Refineries: Redefining Possibilities

In the year 2022-23, our refineries operated at a record capacity utilisation of over 103% and achieved the highest ever crude processing volume of 72.4 Million Metric Tonnes (MMT). In fact, we continued to push boundaries to step-up the operational efficiency of the refineries, expanded the crude basket to add 36 new crude oil grades (reaching 247 grades) and undertook multiple projects to strengthen our core capabilities.

In August 2022, the Prime Minister inaugurated the 2G Ethanol Plant at Panipat, marking a significant milestone in sustainability. The first Wet Sulphuric Acid Plant was commissioned at Haldia, and the Linear Alkyl Benzene (LAB) unit at Gujarat was revamped. I am happy to share that your Company has formed a Joint Venture Company, ‘Cauvery Basin Refinery & Petrochemicals Ltd’., with the subsidiary company Chennai Petroleum Corporation Ltd. (CPCL), to establish a 9 MMTPA Cauvery Basin Refinery (CBR) at Nagapattinam in Tamil Nadu.

To ensure uninterrupted energy access for India’s rising socio-economic demands, we are investing over H 1 Lakh Crore in strategic brownfield capacity expansions. The key projects under execution include refinery expansions at Panipat Refinery (from 15 to 25 MMTPA), Gujarat Refinery (from 13.7 to 18 MMTPA), Barauni Refinery (from 6 to 9 MMTPA), Digboi Refinery (from 0.65 to 1 MMTPA); these along with CBR (9 MMTPA) will augment the refining capacity by over 26 MMTPA, taking the group refining capacity of your Company to about 107 MMTPA in the near future.

As part of your Company’s forward-looking outlook, the bouquet of value-added offerings is continually being enhanced. The upcoming Catalytic Iso-Dewaxing (CIDW) units at Haldia and Gujarat refineries will boost the production of Lube Oil Base Stock (LOBS), the base ingredient of lubricants. This will give a fillip to ‘Atmanirbhar Bharat’ by reducing India’s import dependence by almost 25%, while cementing leadership in the SERVO lubes segment. A 530 TMT LOBS plant is also being set up at Panipat Refinery.

Petrochemicals : Expanding footprints of success

Petrochemical integration is the way forward for us in all our refining investments, vital for mitigating the risks from business uncertainties, while enhancing the value of every molecule in the hydrocarbon chain. During the year 2022-23, we continued to make significant strides in this vital sector by expanding our petrochemical capacity from 3.7 MMTPA to 4.1 MMTPA and attained an annual petrochemical sale of 2.23 MMT with a remarkable 4% growth in the Paraxylene (PX)/Para Terephthalic Acid (PTA) sales segment.

Your Company continues to drive progress and self-reliance in India’s petrochemical sector with strategic investments. These include implementing a 387 KTA Styrene unit and a 60 KTA Poly Butadiene Rubber (PBR) plant at Panipat to support the growing demand and reducing imports of Styrene and PBR. Moreover, the upcoming polyester yarn and fibre production facility at Bhadrak in Odisha will enhance downstream integration in the textile industry, promote resource efficiency and generate employment opportunities.

The Board, in a key move, has approved setting-up of Paradip Petrochemical Complex in Odisha, at an estimated cost of over ₹ 61,000 Crore. This is our single largest investment at a location that will raise the Petrochemical Intensity Index and enhance India’s self-sufficiency in this critical sector.

Pipelines : Channelising Energy Excellence

Our pipelines network achieved remarkable milestones, with record throughput of over 53 MMT for the crude and 41.7 MMT for the product pipelines. During the financial year, 2,454 km of pipelines were commissioned, taking our energy highways to a length of 17,564 km.

Besides being ‘The Energy of India’, your Company continues to support the country’s energy partnerships beyond the borders. An agreement was recently inked between India and Nepal to develop Pipeline infrastructure and Storage Terminals in Nepal. In 2019, your Company had constructed South Asia’s first cross-border products pipeline between Motihari (India) and Amlekhgunj (Nepal), which will now be extended up to Chitwan (Nepal); a new transnational petroleum pipeline from Siliguri Terminal (India) to Jhapa in Nepal, will be constructed; new Terminals will come up at Chitwan and Jhapa while Amlekhgunj will be re-engineered as a SMART terminal.

In pursuit of strengthening the energy transition pathway, we are collaborating with Italy’s Snam SpA, to explore the possibility of converting the existing natural gas pipelines for hydrogen transportation.

Marketing : Grit, Growth, Glory

During 2022-23, our Marketing network continued its expansion spree, taking our customer touch points across the country to over 60,000 that include 36,445 fuel stations and 12,864 LPG distributorships. Additionally, we have acquired 41 sites to develop Way Side Amenities (WSA), including 10 sites on the Delhi-Mumbai Expressway, which will significantly bolster our presence on India’s fast-growing highway networks. IndianOil’s strategically designed large-format fuel stations SWAGAT, are tailor-made to suit the needs of highway travellers are turning new leaves of customer delight.

In addition to this, your Company also launched its first retail merchandising store, ‘IO Store’ in Bengaluru, for an elevated shopping experience and showcasing the rich diversity of the country. The second IO Store is coming up in Mumbai soon.

We are also delighted at how warmly our branded fuels have been greeted by the Indian automobile enthusiasts and we continue to spread our wings. Our 100 Octane petrol XP100, is now being offered at over 200 retail outlets, 95 Octane petrol XP95 is available at over 10,000 outlets, and the green diesel XtraGreen is being retailed at more than 5,500 outlets.

In 2022-23, the sale of XP95 was 4.4% of the total petrol volumes; XtraGreen registered a sale of 0.71% of the total diesel sold. Going forward, by the end of 2023-24, we aim to achieve a conversion target of 10% for XP95 and 5% for XtraGreen, to step up the revenue from branded fuels.

Our niche LPG brands, Munna, XTRATEJ, NANOCUT, and Chhotu are performing well. I am happy to share that in LPG, our innovative streak has extended well beyond product customisations. To ensure seamless tracking, transparency, and trust among Indane customers, your Company, launched a pioneering QR code-based ‘Track N Trace’ pilot initiative for LPG cylinders on September 02, 2022. This transformative endeavour serves as a testament to your Company’s commitment to digital leadership, elevating the customer experience to new heights.

India’s most loved homegrown lubricant brand SERVO is also on a sensational trajectory and is attracting endorsement of the very best. On World Environment Day 2023, your Company’s brand ambassador, John Abraham launched two premium lubricants. Servo Hypersport F5, a fully synthetic 4T Engine Oil for motorbikes exemplifying SERVO’s promise of delivering best-in-class performance. SERVO Grease Miracle offers a sustainable, high-performance solution crafted from non-lithium indigenous raw materials, showcasing our commitment to provide eco-friendly alternatives.

Committed to an ‘Atmanirbhar Bharat’

In another remarkable achievement, IndianOil became the first Company in India to produce and market AVGAS 100 LL, a specialised aviation fuel for two-stroke piston engines, used by pilot training schools and army establishments. Your Company also shipped a batch of the product to Papua New Guinea in January 2023, marking a historic moment that positioned India as an exporter of this niche fuel, from being an importer.

Your Company has also pioneered the development of high precision Reference Fuels in India, for certification and benchmarking by Original Equipment Manufacturers (OEMs), automobile companies and fuel testing agencies. The first batch of the specialised petrol has recently been produced at Paradip refinery. Panipat Refinery will be producing the Diesel reference fuel shortly. The availability of the specialty fuels in the country has evinced keen interest from the stakeholders, and the first sale of reference petrol to Maruti Suzuki India Ltd., is underway.

Nurturing the Nation’s Green Energy Pathways

As I mentioned earlier, to bolster India’s Net Zero ambitions by 2070, your Company has resolved to go for Net-Zero in operational emissions (Scope 1 & 2) by 2046. From well over a decade before the declaration, the teams have been relentlessly working on green energy pathways to catalyse India’s green transition, including emission mitigation, energy efficiency, fuel replacement, and renewable energy projects. To meet the funding requirements for these as well as other projects, the Board of the Company has recently announced issue of equity shares on Rights Basis to its existing shareholders, up to H22,000 Crore. The issue of equity shares would also improve the ability of the Company to raise debt for the projects. The shares are proposed to be issued during 2023-24, subject to statutory approvals.

The Green Umbrella Entity

We have set out to consolidate the existing green assets under one umbrella. This announcement, made during the inaugural IndianOil Green Energy Summit held on March 15, 2023, set the stage for our rapid expansion across sustainable energy sectors. These include biofuels, renewables, green hydrogen, and low carbon value chains including Carbon offsets and CCUS (Carbon Capture, Utilisation, and Storage).

Our ambitious targets include establishing a portfolio of 5.5 GW Renewable Energy and producing 0.7 MMT Biofuels by 2025; achieving 31 GW Renewable Energy, producing 4 MMT Biofuels, including Biogas by 2030, and 200 GW Renewable Energy, 7 MMT Biofuels, and 9 MMT Biogas by 2050.

Betting big on Hydrogen

IndianOil has been taking significant strides to strengthen the hydrogen ecosystem. Our R&D Centre has been at the forefront, assessing multiple hydrogen production pathways, including solar electrolysis, biomass gasification, and bio-methanation. Additionally, we have initiated the demonstration of fuel cell technology in fuel cell buses, and our pre feasibility studies for heavy-duty applicat are well underway. These pioneering endeavours exemplify our unwavering dedication to green energy solutions.

It gives me immense pleasure to share that your Company is developing a 10 KTA green hydrogen capacity at Panipat Refinery. Furthermore, we have set up India’s first Hydrogen dispensing station at our R&D Centre in Faridabad, NCR, followed by a station in Gujarat Refinery, to promote hydrogen mobility.

Additionally, recognising the immense potential of green hydrogen, we have joined hands with ReNew and Larsen & Toubro (L&T) Limited to strengthen the green hydrogen ecosystem in India.

Unbottling Possibilities

In line with our commitment towards environmental conservation, IndianOil launched the ‘Unbottled’ campaign, aiming to convert over 100 Million PET bottles annually into uniforms for our on-ground teams, non-combat uniforms for the armed forces, and other stakeholders. The campaign has not only brought us immense pride but has also garnered attention and recognition on a global scale. During India Energy Week held in February 2023 in Bengaluru, I had the privilege of presenting a sustainable jacket to our Prime Minister. The ‘unbottled’ apparels are now available at select fuel outlets in Delhi NCR.

Your Company has also introduced Cycloplast, IndianOil’s brand of polymer recyclates that combine recycled petrochemicals with a portion of virgin or solo plastic. This is poised to revolutionise the industry, fostering sustainability, and significantly curbing the production of solo plastic.

Wave of Sustainability in Aviation Fuelling

In a historic milestone, the Petroleum Minister received India’s inaugural commercial flight powered by Sustainable Aviation Fuel (SAF) in May 2023, marking a significant step towards decarbonising air travel. Your Company is leading the charge in India’s sustainable aviation fuel segment. An SAF Plant of 86.8 Thousand Metric Tonnes Per Annum (TMTPA) capacity is being set-up at Panipat based on LanzaJet technology.

Your Company has formed a Joint Venture with Praj Industries Ltd., to develop SAF and other biofuels. We are poised to achieve the target of blending 2% biofuels in Aviation Turbine Fuel (ATF) by 2030, propelling our environmental stewardship.

Changing Green Mobility landscape

Building upon the existing battery swapping services available at 78 of our energy stations, your Company’s Board has approved the formation of a 50:50 Joint Venture in India, with Sun Mobility, Singapore, for setting up Battery Swapping infrastructure at IndianOil’s Retail Outlets as well as third party sites across India. Your Company would also be making equity investment in Sun Mobility Singapore. Pathbreaking initiatives like these will give us a firm foothold in the battery manufacturing ecosystem, creating a diversified energy future.

Your Company has a Joint Venture with Phinergy, Israel to commercialise Aluminium-Air battery technology in India. The Joint Venture will be creating the first ever ecosystem for Al-Air energy in India, including R&D, manufacturing and deployment of the system. Currently, it is in pre-commercialisation stage.

Expanding Renewables, Optimising Natural Bounties

Your Company continues to expand its renewable energy capacity through collaborations with leading companies and has joined hands with NTPC Green Energy Limited, to form a JV for providing 650 MW of round-the-clock green power for the upcoming refinery projects. This is a unique initiative that demonstrates the successful adoption of renewable energy for energy intensive plants in various industries.

Your Company is also collaborating with SJVN Limited for expanding the renewable bouquet with solar, wind, hydro and hybrid power. The JV will also develop Energy Storage Systems for the supply of 24X7 power. These partnerships will accelerate the development of advanced technologies and infrastructure for green hydrogen production, storage, and distribution, playing a vital role in India’s transition to clean energy.

While greening up the energy mix, your Company is actively pursuing initiatives to reduce water footprint and promote sustainable water management. A first-of-its kind Sewage Treatment Plant (STP) has been established under Public-Private-Partnership (PPP) model at Laxmi Nagar, Mathura. It has reduced the fresh river water intake by about 8 Million Litres per day (MLD) for Mathura Refinery, replacing it with treated sewage water. There are plans to replicate this initiative across other refineries as well. Gujarat Refinery too has started utilising the treated water from Vadodara Municipal Corporation’s Rajiv Nagar STP.

Greening the Road to Energy Independence

Your Company is exploring various indigenous pathways to enhance domestic fuel production and strengthen India’s energy independence.

Last year, energy Public Sector Enterprises (PSEs) achieved the 10% Ethanol blending target in June, six months ahead of the target. Further, the Ministry of Petroleum & Natural Gas allowed the Oil Marketing Companies to sell petrol blended with up to 20% ethanol (E 20), from April 01, 2023. Subsequently, E-20 was formally launched by the Prime Minister on February 06, 2023 at select fuel stations. Your Company has already commenced the supply of E20 fuel from 382 fuel stations and is currently blending about 12% ethanol in petrol.

Your Company is also spearheading the promising SATAT initiative that aims to boost the availability of biofuels as a viable green automotive option, while reusing organic waste and strengthening the rural economy. Your Company’s pioneering CBG retail brand ‘Indigreen’, continues to enhance its reach. By the end of 2022-23, your Company commissioned 22 CBG plants, offering Biogas through 46 Indigreen outlets. Notably, a 200 Tonnes Per Day (TPD) plant has been set up in Gorakhpur using agri-crop residue and providing an eco-friendly solution for rice straw disposal. In Hingonia, near Jaipur, a 100 TPD cattle dung based CBG plant has been set up at the Hingonia Cattle Rehabilitation Centre. The biogas will fuel the kitchens of Akshay Patra Foundation and provide meals to school children.

March 12, 2023 was a landmark day when Union Minister of Road Transport & Highways, flagged-off the trials of MD-15 (Methanol blended diesel) powered buses in Bengaluru.

This demonstrates our sustained efforts to strengthen India’s energy independence. Besides, India’s abundant coal reserves can be used for Methanol production for mobility.

Go Green forays beyond energy landscape

Beyond our operations and products, we are scripting a new chapter in India’s biodiversity conservation. In partnership with the National Tiger Conservation Authority (NTCA), we are powering the Cheetah relocation project. We are also supporting conservation of endangered species like the Single-Horned Rhino and Olive Ridley Turtle. From protecting coastal ecosystems to preserving tiger habitats in Sunderbans, we are taking steps to make a positive difference to the world.

Championing Social Stewardship


Your Company is proud to be a catalyst for social change and continues to strengthen the legacy by empowering communities, igniting hope, and transforming lives of fellow Indians. One such critical foray is our commitment to strengthen India’s fight to eliminate Tuberculosis (TB). We are supporting the Central TB Division (CTD) under the Ministry of Health and Family Welfare (MoH&FW) to undertake intensified TB elimination projects in the states of Uttar Pradesh, Chhattisgarh, Maharashtra, and Uttarakhand which is being expanded in the state of Haryana as well.

Social Transformation

In yet another transformational initiative, your Company has joined hands with various State Prison departments, to set up ‘Umeed- A Hope’ prison retail outlets, that will be operated by some of the current and former inmates. The fuel stations will also have merchandise stores, to market goods produced by the inmates. Beyond the commercial intent, the project will empower the inmates with necessary skills, fostering dignity, and supporting their reintegration into the society.

Currently, 46 such fuel stations are being set up, while the merchandise stores are operational at four ’Umeed’ outlets in Tamil Nadu, offering a diverse range of local products.

Preserving Heritage

Your Company has also been scripting new chapters in conserving India’s cultural legacy with the IndianOil Foundation (IOF). In association with ASI and other bodies, the Foundation is protecting the country’s glorious heritage by developing world-class facilities at prominent tourist sites. It is also committed to enriching the lives of the communities and preserve ecological balance.

Besides this, your Company has joined hands with the Ministry of Tourism, Government of Maharashtra, for restoring the magnificence of the iconic Gateway of India with a befitting illumination and the ‘light and sound’ show at the monument.

Building a Nation of Champions

I am delighted to share with you that your Company constantly strives to bring positive social change through sports and contribute towards making India a sporting nation. Supporting sports players through financial assistance, training facilities, and scholarships, has helped many players realise their dreams and reach their full potential. Under the CSR programme ‘IndianOil Acers’, 250 scholarships for 20 sports were provided to young players, half of which were awarded to young women. Your Company has also launched the ‘IndianOil Shakti’ initiative to support 30 girls in Athletics.

I would like to share some ground-breaking initiatives by Your Company that have left indelible marks on India’s sporting landscape. These include forming the first Corporate Women’s Hockey Team, supporting IndianOil sportspersons, who have notched up historic victories for the country, and fostering the budding sporting talent. Our sports stars earned rich laurels, including the highest national honours like Major Dhyan Chand Khel Ratna Award and Arjuna Awards. They kept the national flag flying high during the

Commonwealth Games, Thomas Cup, world championships in badminton, table tennis, tennis grand slams, chess championships, and team sports like cricket and hockey tournaments.

In a trailblazing move to promote the specially-abled sportspersons of the country, your Company is backing the Indian Para athletes through a special initiative, ‘Road to Paralympics 2024’. We remain committed to supporting these extraordinary, gritty, sportspersons for the upcoming Asian and Paralympic Games and fulfill the shared dream of bringing laurels for the nation.

I would like to share the success story of our landmark social foray, ‘Parivartan - Prison to Pride’, that stands as a shining example of your Company’s commitment to social responsibility and transformative change. Initiated on Independence Day 2021, this programme aims to reintegrate the prison inmates into the society, leveraging the power of sports. Extending the benefits to young inmates at juvenile correction centres, ‘Nai Disha - Smile for Juvenile’, was launched on Republic Day 2023. After the roll-out of the fifth phase of the campaign on July 15, 2023, the twin programmes have touched the lives of about 3,600 inmates in about 80 prisons and correction centres, across 25 states of India.

The phenomenal impact of ‘Parivartan’ came to the forefront when the chess team of inmates from Pune’s Yerawada Prison emerged as the first Indian team to secure a bronze medal at the Intercontinental Chess for Freedom Online Championship for Prisoners, organised by FIDE (World Chess Federation) in 2022. In May 2023, at the ‘Chess for Freedom’ conference held in the USA, the path breaking project earned widespread accolades. The outreach has also won your Company the coveted Sportstar Aces Award-2023 in the category of ‘Sports for Social Good’

IndianOil People: Catalysts of Progress and Excellence

In the pursuit of greatness, it is often said that numbers speak louder than words. Yet, behind those remarkable figures lie the inspired people who make them possible. At IndianOil, we firmly believe that people-centricity is the cornerstone of our blueprint for excellence. We recognise that our achievements are not merely the result of strategies and investments but of the collective passion and dedication of every individual who contributes to our success.

Through diligent adherence to best practices and strict protocols, we ensure that an unwavering focus on the well-being of our people drives our progress. And genuine well-being must begin with inclusivity.

On International Women’s Day 2023, we announced three crucial policy changes to further our goal of workplace equity. These changes focus on providing more flexible and compassionate maternity policies, complementing our existing efforts to empower women. Initiatives such as transportation support for women employees at touring locations and access to wellequipped creche facilities have already been implemented. However, fostering a cultural shift that encourages both men and women to share family responsibilities is essential. By creating an equitable society, we can ensure that individuals can pursue their careers and family lives without sacrificing on either front.

We remain dedicated to fostering the holistic well-being of IOCians. While we have a robust system in place for ensuring physical health of our team, we have now introduced counselling services through our Employee Assistance Programme ‘Paramarsh’ as a pilot project, in some of our offices in Delhi-NCR. The aim is to safeguard the mental wellness of our energy soldiers who are working hard amid challenges with aplomb.

Moreover, to nurture an impeccable safety culture in our workplaces, diligently adhering to best practices and strict protocols, the first IndianOil Safety Day was observed on October 29, 2022 in Jaipur. The commemoration also marked the inauguration of a memorial called ‘Smriti Sthal,’ to pay homage to the precious lives lost, including those of the energy soldiers in the line of duty. The occasion served to reiterate the learnings from a major incident that took place at the location in 2009 and the resolve to uphold the highest safety standards while energising the country.

Talking of safety, road accidents of petroleum tank trucks (TT) have been known to cause disruption in public carriageways and often lead to fatalities, damage to public property and pollution. On an average, about 16,000 tank trucks traverse almost 15 Lakh km daily, across varied terrains to deliver petroleum products across the country. Similarly, 24600 vehicles for bulk and packed LPG ply almost 25 Lakh km every day to fuel the kitchens across India.

To ensure safe driving conditions, the existing Vehicle Tracking System (VTS) was revisited and streamlined. Key parameters like speed, harsh manoeuvring, sudden braking, and acceleration were monitored, and accident prone zones were analysed across the country. Based on the findings, voice alerts were introduced for the drivers breaching the speed limit and plying of trucks during the night was brought down by 90%. I am happy to share that the focussed monitoring of the VTS has resulted in significant reduction in road accidents and fatalities.

As we look ahead, we are filled with great optimism for the future. We are committed to leveraging our strengths, exploring new vistas, embracing exciting opportunities and driving continued growth and create value for our stakeholders and communities.

The best part is that we are spreading our wings in the vast horizon, beyond borders. Besides being the energy custodians of the nation, we are supporting India’s vision of strengthening the energy scenario of neighbouring countries like Nepal, Sri Lanka and Bangladesh, among others.

Our journey is marked by a relentless pursuit of greatness, where each milestone achieved becomes a stepping stone to a brighter future. Undoubtedly, the voyage has been exciting and challenging in equal measures, but it has also been full of new opportunities,

opening new vistas in the energy business. For us, the essence of true achievement lies not in numbers alone, but in the inspired souls, 1.4 Billion Indians who breathe life into those figures, reflecting the spirit of ‘Nation First’ in all that we do.

Together, we form an indomitable force united in our quest to illuminate the path of progress for our beloved nation. Let us be the change we want to see in the world and cement our position as the ‘Energy of India’

Thank you for your unwavering trust and support.


Shrikant Madhav Vaidya

Chairman, IndianOil