explain briefly about iocl and its importance

Hi aspirant



Indian Oil Corporation Limited (IOCL)

commonly known asIndianOilis an Indian state ownedoilandgascompany with registered office at Mumbai and primarily headquartered inNew Delhi.It is the largest commercial oil company in the country, with a net profit of INR 19,106 crore (USD 2,848 million) for the financial year 201617.It is ranked 1st in Fortune India 500 list for year 2016and 168th in Fortune's Global 500 list of world's largest companies in the year 2017.As of 31 March 2017 IndianOil's employee strength is 33,135, out of which 16,545 are in the officer cadre.it is India's largestdownstreamoil company, with a work force of more than 33,000 employees, a turnover of Rs. 506,428 crore and a net profit of Rs. 21,346 crore in 2017-18.



IndianOil's business interests overlap the entirehydrocarbonvalue-chain, includingrefining, pipeline transportation, marketing of petroleum products, exploration and production ofcrude oil,natural gasandpetrochemicals.



IndianOil has ventured intoalternative energyand globalization of downstream operations. It has subsidiaries in Sri Lanka (Lanka IOC),[10]Mauritius (IndianOil (Mauritius) Ltd)and theMiddle East(IOC Middle East FZE).



In May 2018, IOC become India's most profitable state-owned company for the second consecutive year, with a record profit of 21,346 crore in 2017-18, followed byOil and Natural Gas Corporation, whose profit stood at 19,945 crore.



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