The Corporation's Board Members at 58th Annual General Meeting at Mumbai.
IndianOil's 58th Annual General Meeting was held today at Mumbai where the Corporation's Board members presented the annual performance of the Corporation to the shareholders. Addressing the shareholders and highlighting the Corporation's performance over the last financial year, Chairman, IndianOil, Mr. Sanjiv Singh said, "IndianOil exceeded all previous benchmark indices in physical performance in 2016-17, whether it is sales, refineries and pipelines throughput, R&D initiatives, petrochemicals sales, gas marketing or upstream integration. It is your trust in IndianOil that has kept your Company growing year after year, for nearly six decades, fuelling the nation's growth and economic transformation, serving diverse customer segments with customised products & services, and fulfilling its commitment to all its stakeholders"
Being in the Oil & Gas industry, the Corporation has to address several environmental concerns. Talking about the same, Mr. Singh said, "IndianOil is committed to a sustainable future and therefore to reduce carbon emissions and greenhouse gas emissions in the coming years, IndianOil refineries are preparing for a transition from BS-IV to BS-VI grade fuels by April 2020. India will join the developed world by attaining this highest standard of automotive fuels." As part of the ongoing initiatives for a green planet, "clean fuels, bio-fuels and alternative, renewable energy sources such as solar energy and wind-power are being progressively integrated into the energy mix by IndianOil," he added.
Talking about the upcoming projects and the future plans of the Corporation, Chairman, IndianOil said, "with a capital expenditure target of about Rs. 1.8 lakh crore in the next 5 to 7 years, IndianOil is scaling up its investments in areas that will ensure profitable growth both in terms of volumes and revenue. The Corporation, with over 10 subsidiaries and 15 joint ventures in India and abroad, is evolving into a fully integrated, diversified energy conglomerate with interconnected but competing business verticals like Transport Fuels, Industrial Fuels, LPG, Natural Gas, Chemicals & Petrochemicals, Aviation Fuel, Lubricants, Greases & Special Products, Bio-fuels, Electricity from Solar & Wind-power, Innovative Power Storage Systems and even Hydrogen."
IndianOil's Annual General Meeting saw a gathering of mixed generations. All the proposals of the Board of Directors were approved with strong majorities by the shareholders. The Board also placed on record its appreciation of the commendable and significant contributions of the previous Chairman and Directors who have superannuated since the last AGM. The IndianOil Board also recommended a final dividend of 10 per cent, i.e., Rs. 1/- per share of Rs. 10/- each, on the paid-up Share Capital in addition to two interim dividends of Rs. 13.50 per share and Rs. 4.50 per share paid in February and March 2017 respectively.
The Corporation earned the highest profit ever of Rs. 19,106 crore, during FY 2016-17 and emerged as India's most profitable public sector enterprise for the year and maintained its status as India's largest commercial enterprise with a sales turnover of Rs. 4,38,710 crore. IndianOil's net worth is close to Rs. 1 Lakh Crore, while its market capitalisation rose to a record high of Rs. 2,18,831 crore on 16th May 2017. The Corporation's high-performing share was included in the prestigious Nifty50 stock index of the National Stock Exchange.
As a way forward, IndianOil is joining hands with national oil companies and other established players in the neighbouring countries to explore mutually beneficial businesses, such as LPG storage, transport & marketing, development of infrastructure facilities and marketing network for petroleum products, etc., keeping in view the cross-border benefits that will accrue to all parties through synergised efforts. Besides our overseas subsidiaries operating successfully in Sri Lanka, Mauritius and UAE, we have recently opened an office in Singapore, with Bangladesh and Myanmar to follow suit.