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Indian Oil Corporation, established in 1959, owns and operates 10 of India`s 18 refineries with a combined refining capacity of 54.20 million tonnes per annum (1 million barrels per day). These include two refineries of subsidiary Chennai Petroleum Corp. and one of Bongaigaon Refinery and Petrochemicals. Indian Oil owns and operates the country`s largest network of cross-country crude oil and product pipelines spanning nearly 9,000 kilometres with a combined capacity of 60.42 MMTPA. Indian Oil, with its registered office in Mumbai, India, has a countrywide network of 24,000 sales points backed for supplies by 158 bulk storage depots and terminals, 95 aviation fuel stations and 88 Indane LPG bottling plants. It has IBP Co. as its subsidiary, which works as a stand-alone marketing company with a nationwide network of nearly 4,000 retail sales points.

The company has formed a number of JVs with various multinationals including Lubrizol Corporation, US (in Lubrizol India), with the Nyco, France and the domestic Balmer Lawrie (in Avi-Oil India), with Oiltanking, Germany (in Indian Oiltanking), and with Petronas, Malaysia (in IndianOil Petronas). Indian Oil plans to grow from a USD 35 billion turnover company to USD 60 billion by the year 2011-12 with well-coordinated strategic plans, including clear blueprints for USD 15.5 billion (Rs 70,000 crore) investments. During the X Plan period (2002-07), it is investing Rs 244,000 million in developing capital assets and has drawn up a comprehensive business plan to seek growth beyond existing business.