Indian Oil Corporation (IOC), India’s largest oil company, has set an ambitious target to achieve USD 1 trillion in revenue by 2047. The company’s chairman, Shrikant Madhav Vaidya, outlined this goal in the latest annual report, emphasizing a strategic shift that includes growth in traditional oil refining and fuel marketing alongside investments in clean energy.

For the fiscal year 2023-24, IOC reported a record net profit of Rs 39,619 crore (approximately USD 4.7 billion) on revenues of Rs 8.66 lakh crore (around USD 104.6 billion). This strong financial performance highlights the company’s current robust position in the market.

Looking ahead, IOC plans to diversify its investments to include emerging energy sectors such as green hydrogen and electric vehicle (EV) charging infrastructure. This diversification is part of IOC’s broader strategy to achieve a balanced energy portfolio and transition towards sustainability.

The company is committed to investing in both fossil fuels and renewable energy sources to support its growth objectives and meet its target of achieving net-zero carbon emissions by 2046. This commitment reflects IOC’s forward-looking approach to addressing global energy demands while also contributing to environmental sustainability.

The goal to reach USD 1 trillion in revenue underscores IOC’s ambitions to expand its market presence and adapt to the evolving energy landscape. By integrating traditional and green energy initiatives, IOC aims to lead the industry in both economic performance and environmental responsibility.