Indian Oil Corp

The story of Indian Oil Corporation begins not with a single founder, but with a national ambition. In the late 1950s, a newly independent India sought to control its own energy destiny, a sector dominated by foreign firms. This led the Government of India to establish two separate entities: Indian Refineries Ltd in 1958 to handle the refining, and a year later in 1959, Indian Oil Company Ltd to manage marketing and distribution. A pivotal moment arrived in 1964. Under the guidance of the then Petroleum Minister, K.D. Malviya, a strategic decision was made to merge the two government-owned companies. This fusion created the integrated entity we know today as Indian Oil Corporation (IOC), a move designed to build a powerful, state-owned player capable of operating across the entire hydrocarbon value chain. This single, consolidated company was tasked with the monumental job of reducing the nation's reliance on foreign oil. With its structure in place, IOC began a steady expansion. It commissioned new refineries and rapidly grew its distribution network, including launching its own lubricant brand, SERVO, in 1972. A significant event in its corporate journey occurred in 1995 when the company's shares were listed on the Bombay Stock Exchange, opening it up to public investment. Over the decades, the company continued to grow, acquiring other entities like IBP Company Ltd and expanding into petrochemicals, solidifying its position as India's largest commercial enterprise.