What it does:
Indian Oil Corporation (IOC) is the country’s leading oil and gas provider, consistently ranking in the Fortune 500.
IOC recently earned US 3.3 billion in profit after tax, stemming from 78.5 billion in gross revenue. Total assets are at US 42.8 billion and earnings per share are at 35 cents. It’s India’s most profitable state-run company.
Strong pay and benefits.
The not so good:
Bureaucratic. Slow promotions and few growth opportunities.
Hiring grads with degrees in:
Accounting and finance
The Indian Oil Company was incorporated in 1959, but soon merged with Indian Refineries in 1964 to establish the Indian Oil Corporation. Following another merger in 2006, the company transferred all its equity holdings in Indian Strategic Petroleum Reserves Ltd, a vital subsidiary, to the Oil Industry Development Board, an entity administered by the Ministry of Petroleum and Natural Gas. This put the government firmly in control.
That same year, IOC began expanding into the Middle East and Africa. Joint ventures with international partners led to the marketing and export of FCC catalysts, an essential component for petroleum refinement. By 2007 they began winning retailing and marketing awards, as well as recognition for their positive impact on rural communities.
In 2008, they began initiatives like setting up kiosks at petrol stations, implemented business process transparency agreements and began distributing liquified natural gas to previously-unreachable customers. They kept diversifying in the following years and added corporate social responsibility initiatives to their portfolio, a practice they continue to this day.
A career at IOC is well-paid on average, with free lunches and transportation budgets. It’s well-known, making it a fine addition to any resume.
Be careful of slow career growth. Time spent at the company is valued far higher than the quality of your contributions, so if you’re aiming to distinguish yourself, it may be wiser to go elsewhere. It’s a good place to learn basic career skills just through experience on the job, but the lack of training and development initiatives could hurt your career prospects.
Those that stay can expect significant salary growth. It’s by no means a cutting-edge company, with outdated processes, top-down decision making and old technology. But it’s stable and low-risk.
Salaries can vary depending on your position and seniority. The following conservative estimates are what a fresher can expect in a variety of different roles.
Junior Engineer - 252,000 per annum
Trainee Manager - ₹520,000 per annum
Accountant - ₹200,000 per annum
These salaries can skyrocket with experience, with engineers potentially reaching ₹2,000,000 per annum.
IOC has a culture of work-life balance and enjoys luxuries other companies don’t. Its research and development centre has ample funding, and simple amenities like free tea and snacks keep morale high. Employees have access to medical facilities when required and the high job stability keeps people focussed. Overall, employees leave IOC with a positive experience.
There are six characteristics to the vision of IOC:
Ethics - ensure the highest standards of conduct
People - lead with passion
Innovation - stay creative and keep researching
Environment - care for the earth
Technology - be at the forefront
Customers - foster life-long relationships
IOC offsets the fact it’s an oil and gas company by contributing to the wider community and developing renewable alternatives.
In 2017, it sold over 38,000 solar lanterns.
It’s a member of the United Nations Global Compact.
It has a well-defined whistleblower policy.
It established over 7000 ‘Kisan Seva Kendra’ outlets, unique stores designed to provide seeds to remote farming communities.
Generated 337 GWh of renewable energy in 2018.
3.26 million litres of rain water harvested in 2018.
It’s currently setting up three ethanol production plants.
It installed 25 organic waste converters.
It has a long way to go before it’s fossil-fuel free, but IOC continues making positive contributions to a more sustainable India.