IOC Recognized as India's Fastest Growing Maharatna

Indian Oil Corporation Ltd. (IOC) has been adjudged the ‘Fastest Growing Organisation’ under the Maharatna category by the jury of the Hindustan Ratna PSU Awards-2018.

Mr. Dharmendra Pradhan, Union Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship presented the award to Mr. Sanjiv Singh, Chairman, IOC in New Delhi on May 30, 2018.

Speaking on the occasion, Mr. Pradhan lauded the role being played by PSUs in the economic eco-system of the country. He said that their role is extremely challenging and their performance is indeed remarkable as they have to prove their mettle on both financial and non-financial parameters.

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PSUs – vehicles for social transformation

He added that the PSUs are more than economic institutions as they are the vehicles of social transformation and nation building. In this context he recalled how he had met a young IOC officer at the company’s R&D Centre who had quit a prominent private sector company to join IOC to fulfill his dream of serving the nation.

Citing the example of the mammoth mainstreaming of LPG in the country he said it is owing to the hard work of oil company professionals that in just four years over 10 crore new LPG connections have been released and by 2019 the target is to release another 3 crore connections.

He said that the Government has been leveraging PSUs, especially in the energy sector, to address its strategic and economic goals, including development of the long-neglected North-East region, progressively shifting the country’s fuel mix more toward cleaner sources and for reviving ailing fertiliser units.

The ‘Hindustan Ratna PSU Awards’ is a platform instituted by the HT group to honour and celebrate the success stories and achievements of PSUs and recognise their contribution to society.