Indian Oil Corp. Ltd. (IOCL) operates exploration and production fields, pipeline networks, petroleum refining, petrochemical plants, fuel stations. Operations are organized into three divisions: Refineries, Pipelines, and Marketing. The company is controlled by the government of India with common shares listed on the BSE (IOC) and NSE (IOC) exchanges.
The Indian government formed the Indian Refineries to build and operate domestic refineries in 1958, and the Indian Oil was formed to market the products of state refineries in 1959. In 1966, these two entities were combined to create Indian Oil Corp.. In 1981, Burmah Oil's remaining interests in Assam Oil were nationalized, and Indian Oil took over the refining and marketing activities.