Chairman Shrikant Vaidya: IOC targets $1 trillion revenue by 2047

Indian Oil Corporation, the nation's largest oil firm, is targeting to become a $ 1 trillion company by 2047, combining growth in traditional oil refining and fuel marketing with clean energy avenues like green hydrogen and EV charging, its chairman said.

Indian Oil Corporation (IOC) posted a record net profit of Rs 39,619 crore ($ 4.7 billion) on a revenue of Rs 8.66 trillion ($ 104.6 billion) in the 2023-24 (April 2023 to March 2024) fiscal.

The company will continue to invest in fossil fuels and new energy avenues to have a balanced portfolio that will help achieve net-zero carbon emissions by 2046, company chairman Shrikant Madhav Vaidya said in its latest annual report.

It will expand oil refining capacity, and invest in petrochemical units that will convert crude oil into value-added chemicals directly, while also increasing its focus on gas, biofuels and clean mobility.

By putting all green initiatives under one arm, IOC is looking to optimise resource allocation, enhance innovation, and implement cutting-edge solutions more efficiently.