State-run Indian Oil Corporation (IOCL) is effecting a strategic transformation of its business to remodel India’s largest auto fuel retailer into an agile, nimble and future-ready integrated energy solutions behemoth through innovation and sustainability.
“This is a journey that we are planning to take along with all the stakeholders of IndianOil,” IOCL Chairman AS Sahney told reporters on Wednesday while discussing the oil marketing company’s (OMC) Q4FY25 results.
He emphasised that the project — spread over three years (2025-2028) — reflects IOCL’s shift to renew strategies across its business verticals and transform into a modern and agile entity. It is time to “change, adapt, and SPRINT” toward a stronger tomorrow, said Sahney.
SPRINT stands for strengthening core businesses of oil refining, petrochemicals and fuel marketing; propel cost optimisation to increase profitability; reinforce customer centricity; integrate technology and innovation; nurture leadership and talent; and be transition ready.
The project has been conceptualised and is being firmed up by Sahney.
Project SPRINT
Elaborating on the core project values, the IOCL chief said “S stands for strengthening our core business. Our core values are care, innovation, passion, trust and nation first. Our core businesses are POL products, refinery, pipelines, marketing — they have to be strengthenedto give better efficiency, returns and profitability. We have to complete projects on time, and we have to take returns and invest further into core business.”
The ‘P’ in SPRINT stands for propelling cost optimisation, because that will also directly contribute to IOCL’s bottomline, he added.
“Reinforcing (R) customer centricity — as we are a customer-focussed organisation. We have to have customers in the centre of all our plans and strategies. Then, we have to integrate technology (I) and innovation, such as AI, ML or cyber security, etc, in operational streamlining, safety, supply chain management, which defines ‘I’,” Sahney said.
The ‘N’ part of the project deals with nurturing leaders and talent. Going forward, IOCL will have a number of new projects and business areas, which will require new leaders. So, these leaders have to be identified, nurtured and make future ready, he noted.
“Lastly, ‘T’ is to be transition ready. We have to be ready for the transition and be ready for the businesses that are greener more sustainable, and which are the way forward.”
“This SPRINT is where IndianOil will be working for next 2-3 years... This is a serious journey that we want to take along with all the stakeholders,” Shaney noted.