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<ul><li>IOC is inviting applications from eligible candidates for its technical and non-technical apprenticeship programme for their offices in southern Indian states.</li><li>The last date to apply for the opportunity is 5 p.m., on December 27, 2021.</li><li>Checkout the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul><keyword id="6356834" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="Orion">Indian Oil Corporation</keyword> (IOCL) is inviting applications from eligible candidates for its technical and non-technical apprenticeship programme for their offices in southern Indian states — Tamil Nadu, Puducherry, Karnataka, Kerala, Andhra Pradesh, and Telangana. The last date to apply for the opportunity is 5 p.m., on December 27, 2021. Interested candidates can apply online on their official <a href="https://ioclsrmd.onlinereg.in/kali1121reg/Home.aspx">website</a>. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">States </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of vacancies </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TamilNadu and Puducherry </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">84 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Karnataka </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">52 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kerala </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">49 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Andhra Pradesh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">55 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Telangana </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">60 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Eligibility criteria for the apprenticeship role <ol><li>For trade apprentice</li></ol><ul><li>Fitter: Grade 10 plus two years of industrial training institute’s (ITI) fitter course.</li><li>Electrician: Class 10 plus two years of ITI electrician course.</li><li>Electronic Mechanic: Class 10 plus two years of ITI electronic mechanic course.</li><li>Instrument Mechanic: Class 10 plus two years of ITI instrument mechanic course.</li><li>Machinist: Class 10 plus two years of ITI instrument mechanic course.</li><li>Accountant: Graduate in any discipline with minimum 50% aggregate marks from a recognised institute/university.</li><li>Data Entry Operator (Fresher): Minimum 12th pass, but below graduate.</li><li>Data Entry Operator (Skilled Certificate Holders): Minimum 12th pass, but below graduate. Candidates should possess a skill certificate of ‘domestic data entry operator’ for training of less than one year issued by an awarding body recognised under National Skill Qualifications Framework or any other authority recognised by the central government.</li><li>Retail Sales Associate (Fresher): Minimum 12th pass but below graduate.</li><li>Retail Sales Associate (skilled certificate holders): Minimum 12th pass (but below graduate). Additionally, candidates should possess a skill certificate of ‘retail trainee associate’ for training of less than one year issued by an awarding body recognised under National Skill Qualifications Framework or any other authority recognised by the central government.</li></ul>2. For Technician apprentice<ul><li>Technician apprentice (Mechanical): 3 year-diploma in mechanical engineering with minimum 50% marks from any recognised university/institute.</li><li>Electrical: 3 years’ diploma in electrical engineering with minimum 50% marks from any recognised university/institute.</li><li>Instrumentation: 3 years’ diploma in instrumentation engineering with minimum 50% marks from any recognised university/institute.</li><li>Civil: 3 years’ diploma in civil engineering with minimum 50% marks from any recognised university/institute.</li><li>Electrical and electronics: 3 years diploma in electrical &amp; electronics engineering with minimum 50% marks from any recognised university/institute.</li><li>Electronic: 3 years’ diploma in electronics engineering with minimum 50% marks from any recognised university/institute.</li></ul>3. Applicants who have completed three years after acquiring the prescribed qualification for engagement of technician apprenticeship i.e., diploma in engineering in relevant disciplines are not eligible for engagement as technician apprentice. 4. Candidates with qualification acquired through distance learning mode or part time mode or correspondence mode will not be considered. 5. Candidates possessing higher professional qualifications such as Bachelor of Engineering (B.E)/Master of Business Administration (MBA)/Master of Computer Application (MCA)/Chartered Accountant (CA)/Institute of Cost and Works Accountants (ICWA)/Bachelor of Legislative Law or Legum Baccalaureus (LLB) will not be considered. 6. Minimum age is 18 years and maximum age criteria is 24 years, as on November 30, 2021. Selection procedure The selection shall be on the basis of performance of the candidates on the basis of marks obtained by them in the written test and meeting the eligibility criteria. The written test will be conducted on January 9, 2022, in a multiple choice format (MCQs). Interested candidates can seek more information <a href="https://iocl.com/admin/img/Apprenticeships/Files/5e2a63d05ddd4450b45e90e4c7d31c65.pdf">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/sbi-is-hiring-1200-circle-based-officers-across-india-with-a-minimum-pay-of-36000-per-month/articleshow/88313666.cms">SBI is hiring 1200 circle based officers across India with a minimum pay of ₹36,000 per month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/michelle-obama-is-the-most-admired-woman-in-the-world/slidelist/88302252.cms">Michelle Obama is the most admired woman in the world</a>

Indian Oil Corporation is hiring 300 apprentices across southern states of India

India’s largest oil refiner <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+Oil+Corporation">Indian Oil Corporation</a> would invest Rs 1.75 trillion over the next 7 years. This would help it increase output by 54% to nearly 100 million tonnes per year. 
 
"We have a capex plan of Rs 1.75 trillion over the next seven years. And out of this, Rs 50,000 crore will be for brownfield expansion at existing facilities", B Ashok, Chairman, <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+Oil">Indian Oil</a> said after the company's 56th annual general meeting. 
 
Ashok also said the company would invest Rs 35,000 Crores in <a href="http://www.businessinsider.in/searchresult.cms?query=marketing">marketing</a>, Rs 15,000 Crores for pipelines, Rs 35,000 Crores into exploration and production, Rs 30,000 Crores into <a href="http://www.businessinsider.in/searchresult.cms?query=petrochemical">petrochemical</a> projects, and Rs 7,000 Crores into gas. 
 
On the payments for <a href="http://www.businessinsider.in/searchresult.cms?query=Iran">Iran</a>, he said the <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+government">Indian government</a> is discussing feasible modes of payment. 
 
Image credit: Indiatimes

Indian Oil to invest Rs 1.75 trillion over 7 years

<keyword id="20083426" type="General" weightage="20" keywordseo="indian-oil" source="keywords">Indian Oil</keyword> Corporation (IOC) is set to start producing fuel for <keyword id="20115890" type="General" weightage="20" keywordseo="formula" source="keywords">Formula</keyword> 1 (F1) cars in three months. The fuel will be produced at the Paradip refinery in Odisha, which is known for its advanced technology and strategic location. Indian Oil Corporation (IOCL) will produce fuel for Formula One cars, which are being produced at Odisha's Paradip refinery, said SM <keyword id="20076681" type="General" weightage="20" keywordseo="vaidya" source="keywords">Vaidya</keyword>, Chairman, IOCL, as he announced the partnership with Two Wheels Motor Racing as the "Official Fuel Partner" for the prestigious <keyword id="20243142" type="General" weightage="20" keywordseo="fim" source="keywords">FIM</keyword> (Federation Internationale De Motocyclisme) Asia Road Racing Championship (ARRC) over a span of three years, from 2024 to 2026. The certification for the special fuel to be used for Formula one cars will be done within three months, Vaidya said. This collaboration entails Indian Oil providing FIM category 2 race fuel, "STORM-Ultimate Racing Fuel," across all Asia Road Racing Championship rounds. "<keyword id="20271693" type="General" weightage="20" keywordseo="storm" source="keywords">STORM</keyword>", which is produced at Indian Oil's Gujarat refinery, is a highlight of Indian Oil's diverse and ambitious product range, which also includes AVGas 100LL and reference fuels, reflecting India's commitment to self-reliance (Atma Nirbhar Bharat) and technological advancement. The arrival of 'STORM,' in the international arena marks a significant stride towards bolstering the 'Make in India' initiative. This race fuel also showcases IndianOil's innovation and expertise in producing specialized fuels that adhere to stringent international norms, receiving approval from the FIM-approved M/s Intertek in Switzerland. Speaking on the occasion, <keyword id="20248815" type="General" weightage="20" keywordseo="shrikant-madhav-vaidya" source="keywords">Shrikant Madhav Vaidya</keyword>, Chairman of Indian Oil said, "As we embark on this exhilarating partnership with TWMR for the FIM Asia Road Racing Championship, Indian Oil is proud to fuel the fast lanes of motorsport with our cutting-edge 'STORM-Ultimate Racing Fuel'. The fuel stands as a symbol of innovation and excellence, embodying our relentless pursuit of developing specialised fuels that meet stringent international standards. This collaboration marks a significant step in strengthening the 'Make in India' initiative on the global stage." The benefits of using STORM- Ultimate Racing Fuel in racing vehicles are multifaceted. It ensures the cleanliness of engine parts and the fuel delivery system, while also providing corrosion protection for the vehicle's metallic components. This leads to tangible improvements in vehicle performance, including faster acceleration, increased power, and smoother drivability. Additionally, it contributes to lower engine deposits and reduced exhaust emissions, promoting both engine longevity and environmental sustainability. In preparation for the upcoming Thailand event of ARRC scheduled from March 15-17, IndianOil has shipped off "STORM" fuel from Nhava Sheva port in Mumbai on February 23, 2024, with a virtual flag-off by Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas. IOCL Chairman said that the company is not going to stop here until it can produce fuel for the world's prestigious Formula One car racing championship. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-and-realme-12-5g-launched-in-india-starting-at-16999/articleshow/108261608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-and-realme-12-5g-launched-in-india-starting-at-16999/articleshow/108261608.cms" target="_blank">Realme 12 5G and Realme 12+ 5G launched in India starting at ₹16,999</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms" target="_blank">Nothing Phone (2a) smartphone debuts in India, priced starting at ₹23,999</a><a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a>

Indian Oil set to produce fuel for Formula 1 cars

Country's largest public sector refiner <keyword id="6356834" type="DOMAIN" weightage="20" keywordseo="indian-oil-corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="DOMAIN" weightage="20" keywordseo="ioc">IOC</keyword>) plans to hive off <keyword id="169046" type="COMPANY" weightage="20" keywordseo="hydrogen">hydrogen</keyword> producing units and sulphur recovery facilities at its refineries to a separate entity and then sell stakes in it to the private sector to raise close to ₹10,000 crore. The plan is in line with <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword>'s asset monetisation programme where it wants PSUs to identify non-core assets that could be sold to raise resources for next wave of investments. Government sources said that IOC is one of the largest hydrogen producers in the country and some of these assets could be allowed to be shared with the private sector that is also looking at getting into hydrogen production realising its vast uses. Sources said IOC had proposed monetising some of its hydrogen producing units in lieu of its product pipelines which the government wants the company to monetise. Government expects <keyword id="6354412" type="DOMAIN" weightage="20" keywordseo="indian-oil">Indian Oil</keyword>, GAIL and <keyword id="6374014" type="DOMAIN" weightage="20" keywordseo="hindustan-petroleum">Hindustan Petroleum</keyword> to raise Rs 17,000 crore by selling stakes in their pipelines through the infrastructure <keyword id="2948615" type="DOMAIN" weightage="20" keywordseo="Investment-trust">investment trust</keyword> route in the next financial year. IOC, however, wants to retain its pipping operations and has proposes direct monetising hydrogen units instead. <keyword id="34539" type="COMPANY" weightage="20" keywordseo="oil-industry">Oil Industry</keyword> sources said that the PSUs proposal is being examined and a decision would be taken soon. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/check-out-all-the-hiring-opportunities-in-2021-in-india/slidelist/81343839.cms">A whole host of jobs, from government to private to foreign companies in India, are opening up ⁠— here’s a look at some of those</a> <a href="https://www.businessinsider.in/business/startups/news/these-are-the-worlds-top-food-delivery-companies-indias-zomato-and-swiggy-have-a-long-way-to-go-as-compared-to-their-global-counterparts-like-doordash-or-meituan/slidelist/81344728.cms">These are the world’s top food delivery companies – India’s Zomato and Swiggy have a long way to go as compared to their global counterparts like DoorDash or Meituan</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-has-outperformed-its-peers-in-the-last-one-year-but-analysts-are-still-cautious-about-giving-it-a-buy-rating/articleshow/81345564.cms">Wipro's share price has outperformed its peers in the last year — but analysts are still cautious about giving it a 'buy' rating</a>

Indian Oil Corporation may monetise hydrogen units to raise ₹10,000 crore

<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s top oil company <keyword id="6354733" type="General" weightage="100" keywordseo="ioc" source="Orion">IOC</keyword> will invest Rs 61,077 crore in building a petrochemical complex at <keyword id="16552131" type="General" weightage="50" keywordseo="paradip-in-odisha" source="Orion">Paradip in Odisha</keyword> - its largest ever investment at a single location - as it doubles down on its transition plan. In a statement, <keyword id="6356834" type="General" weightage="50" keywordseo="indian-oil-corporation" source="Orion">Indian Oil Corporation</keyword> (IOC) said its board has given "Stage-1 approval for setting up <keyword id="49809" type="General" weightage="80" keywordseo="paradip" source="Orion">Paradip</keyword> petrochemical complex at Paradip, Odisha at an estimated cost of Rs 61,077 crore." "This mega project will be the largest-ever investment of Indian Oil at a single location," it said but did not give timelines for completion of the project. This is a part of its transition plan including boosting petrochemical intensity to help protect against volatility. Petrochemical intensity refers to the percentage of crude oil that is converted directly into chemicals that are used to make plastic and other material. Crude oil, pumped out of the ground and from below the seabed, is processed in refineries to make petrol, diesel and other fuel. It can be processed to make petrochemicals, bypassing the fuels. IOC's petrochemical intensity - the percentage of crude oil converted into chemicals- is low at 5-6 per cent currently. The company intends to take it up to 10-12 per cent. The firm's newer refineries at <keyword id="6360136" type="General" weightage="50" keywordseo="panipat" source="Orion">Panipat</keyword> in Haryana and Paradip in Odisha have the petrochemical intensity of 15-20 per cent which would be raised to 25 per cent, its chairman <keyword id="5281441" type="General" weightage="50" keywordseo="shrikant-madhav-vaidya" source="Orion">Shrikant Madhav Vaidya</keyword> had told PTI in an interview last month. Energy transition refers to the shift from fossil-based systems of energy production and consumption - including oil, natural gas and coal - to renewable energy sources like wind and solar, as well as lithium-ion batteries. This shift is likely to gradually cut demand for petrol and diesel and so in preparation of that IOC is doing petrochemical projects. The company said the petrochemical complex at Paradip would include a world-scale cracker unit along with downstream process units for producing several petrochemical products including polypropylene (PP), high density polyethylene (<keyword id="178943" type="General" weightage="50" keywordseo="hdpe" source="Orion">HDPE</keyword>), linear low-density polyethylene (LLDPE) and poly vinyl chloride (PVC) - these being building blocks of different grades of plastics. It shall also facilitate production of niche chemicals and petrochemicals like phenol and isopropyl alcohol. Talking of the development, <keyword id="6360405" type="General" weightage="80" keywordseo="vaidya" source="Orion">Vaidya</keyword> said, "This mega project is aligned with Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>'s vision of Purvodaya that is sure to accelerate the development trajectory and fuel prosperity in Eastern India. This cutting-edge, state-of-the-art petrochemical complex will undoubtedly be transformative in its impact, significantly advancing the Aatmanirbhar Bharat initiative." "This mega project shall significantly improve the petrochemical intensity index of IndianOil. It shall be a growth driver in making the company a major player in the petrochemical industry, while strengthening India's self-reliance in the petrochemical sector," he said. The project, the statement said, will catalyze the growth of PCPIR and Plastic Park at Paradip. "On commissioning of this project, domestically available Petrochemicals are expected to provide feed and vitalise industrial growth in key downstream industries like plastic, pharma, agrochemical, personal care, paints etc. It is also expected to create employment opportunities in eastern India, especially Odisha," it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/chinese-app-tiktok-still-has-troves-of-personal-data-of-indians-report/articleshow/98913107.cms">Chinese app TikTok still has troves of personal data of Indians: Report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-growth-to-mirror-chinas-trajectory-over-next-decade-with-private-consumption-more-than-doubling-to-4-5-trn/articleshow/98912119.cms">India’s growth to mirror China’s trajectory over next decade with private consumption more than doubling to $4.5 trn</a>

Indian Oil to invest ₹61,077 crore in a petchem complex at Paradip in Odisha

PM Modi's goal of reducing dependence on oil imports by 2022 will be the major driving factor for the government’s expenditure in the coming two years. Collectively, 11 state-owned companies have spent more than one trillion rupees ($16 billion) in last fiscal. This spending of a near three-year high will be sustained by India's state-owned oil companies, thanks to falling oil-services costs and expanding demand for oil. <keyword id="6354412" type="COMPANY" weightage="100" keywordseo="indian-oil">Indian Oil</keyword>, India’s largest oil refiner will increase domestic spending by 25% this fiscal, while <keyword id="6374014" type="CITY" weightage="100" keywordseo="Hindustan-Petroleum">Hindustan Petroleum</keyword> aims to invest about 17% more. Oil and Natural Gas Corp., the biggest explorer and top spender in the country, has no plans to up its investment this year, keeping it same as last year. "Spending by Indian oil companies has further upside over the coming years because of opportunities at home and abroad," said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London. "Low services costs make spending more attractive now." India has been showing a continuously growing appetite for energy, driven by PM Modi's goal of reducing oil dependence on imports by 10% by 2022. Another factor that could cited to be the reason of higher capital expenditures at Indian refineries is the country's decision to upgrade its fuel quality and lower emissions to equal Euro 6 standards by 2020, said Bhaskar Patel, managing director at Technip India, a unit of TechnipFMC Group. (Image source WTI)

State-run oil firms spent one trillion rupees last fiscal

<keyword id="44886" type="UNKNOWN" weightage="100" keywordseo="Petrol-price">Petrol price</keyword> in the country has been reduced by Re1 per litre. The reduction will come into effect from midnight after the completion of polls. “State-owned oil firms, which cut petrol price by 54 paise on October 1, reduced rates by another Re1 per litre excluding local sales tax or <keyword id="6370857" type="ORGANIZATION" weightage="60" keywordseo="VAT">VAT</keyword> with effect from midnight tonight,” <keyword id="6354412" type="COMPANY" weightage="100" keywordseo="indian-oil">Indian Oil</keyword> Corp (IOC) said. 
 
Petrol price in Delhi has been reduced by Rs 1.21 per litre to Rs 66.65 per litre. In Mumbai, it has been reduced from Rs 75.73 to Rs 74.46 per litre. 
 
"Since last price change, international petrol prices have continued to show a downward trend. However, the INR-USD exchange rate has depreciated. Despite INR-USD depreciation, the fall in international oil prices warrant a decrease in selling price of petrol in the domestic market." 
 
"Thus a downward revision in selling price of petrol by Re 1.00 /litre (excluding state levies) is being effected from midnight of 14th/15th Oct'14. With this price revision, Retail Selling Price at Delhi shall decrease by Re 1.21/litre (including VAT), with corresponding decrease in other states," IOC said.

Petrol
Price Reduced By Re 1 Per Litre

Indian Oil Corporation Limited (IOCL) is inviting applications for its apprenticeship programme

Pub<keyword id="6367143" type="COMPANY" weightage="20" keywordseo="LIC">lic</keyword> sector firms like LIC, SBI and <keyword id="6354412" type="DOMAIN" weightage="20" keywordseo="indian-oil">Indian Oil</keyword> are in race with large conglomerates like JSW, GlaxoSmithKline and Piramal for getting naming rights on the 33 km Colaba-Bandra-SEEPZ Metro-3 corridor. The <keyword id="497173" type="COMPANY" weightage="20" keywordseo="Mumbai-Metro-Rail-Corporation">Mumbai Metro Rail Corporation</keyword> (MMRC), which is implementing the project, has received 87 expressions of interest (EOIs) to acquire rights to name 18 stations. In all, 28 organisations have expressed their interest in naming rights, with many of them showing interest in multiple stations, MMRC said in a statement. These include large PSUs like LIC, Indian Oil, banking and financial institutions like SBI, Bank of Baroda, UTI, Kotak, IDFC First, HSBC, airlines like Indigo, SpiceJet, and corporates like JSW, GlaxoSmithKline, TimesGroup, Blackstone, Phoenix Mills, Piramal, Oberoi, DB Realty among others. "The BKC station, being the most significant business district in the city, was the most sought-after station with 12 EOIs. Dadar and Airport Terminal 2 stations were joint second, receiving nine EOIs each, followed by Airport Terminal one and CSMT with seven EOIs each," it said. The EOI process was managed by non-fare revenue consultants Auctus Advisors and StudioPOD. "This level of response confirms our view that organizations and businesses in Mumbai have a significant commercial value to a long-term association with the metro network. Given its high ridership and reach, the organizations appreciate the impact and visibility it provides," MMRC Managing Director Ranjit Singh Deol said. He further said that non-fare revenue is critical for the sustainable operations of any transportation network, which helps keep passenger tariffs under check. "Stations naming rights is a critical source contributing significantly to overall of non-fare revenue. Besides us, the organisations will also benefit by naming stations and associating with a vital metro corridor which will change the way Mumbaikars travel today," he added. <keyword id="247110" type="PERSON" weightage="20" keywordseo="PSK">PSK</keyword> MRMR

LIC, GSK and Indian Oil rush to tag their names with Mumbai Metro stations

Metro Brands, Indian Oil, India Cements and other hot stocks on December 22

<a href="http://www.businessinsider.in/searchresult.cms?query=Indian+Oil+Corporation">Indian Oil Corporation</a> (IOC) and <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Industries">Reliance Industries</a> (RIL) rank 1st and 2nd in terms of revenue for 6 years in a row in the list of <a href="http://www.businessinsider.in/searchresult.cms?query=Fortune+500+">Fortune 500 </a>Indian companies 2015. 
 
IOC came first with an annual revenue of Rs 4,51,911 Crores. <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Industries">RIL</a> stood second with Rs. 3,82,565 Crores. Tata Motors jumped to the third position with a revenue of Rs 2,67,025 Crores. Bharat Petroleum (BPCL) and State Bank of India (SBI) came fourth and fifth. 
 
"While the total revenue of <a href="http://www.businessinsider.in/searchresult.cms?query=Fortune+500+">Fortune India 500 </a>companies has nearly doubled from Rs 38,16,000 crore in 2010 to Rs 71,27,000 crore in 2015, the same cannot be said of profits, which went up by a meagre 3.6 per cent over the period," the magazine noted. 
 
Other notable companies in the top 10 include Hindustan Petroleum at 6th with a revenue of Rs 2,13,380 crore, followed by ONGC at Rs. 1,65,161 Crores, Tata Steel at Rs 1,41,669 Crores, Hindalco Industries at Rs 1,06,897 Crores and TCS at Rs 98,368 Crores. 
 
Image credit: Indiatimes

IOC and RIL rank 1st
and 2nd for 6 years in a row among Fortune 500 India

<a href="http://www.businessinsider.in/searchresult.cms?query=Essar+Oil">Essar Oil</a>, Mangalore Refinery and Petrochemicals and other Indian refineries paid the second installment of $700 million to Iran today. 
This is the final installment before India eases international sanctions against the Persian Gulf country. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Essar+Oil">Essar Oil</a> paid a whopping $338 million and MRPL payed a hefty $299 million. IOC paid another $60 million while Hindustan Petroleum Corp (HPCL) paid $3 million. 
 
Today’s payments came on top of $700 million the four refiners had cleared on September 30. 
 
Image credit: Indiatimes

Indian
oil refineries pay $700 million to Iran

Mumbai, Jan 17 () State-run oil marketing firm Indian Oil on Friday announced entering into a pact with Cummins Technologies for bulk dispensing of Diesel Exhaust Fluid (DEF) in their advanced engines with SCR (selective catalytic reduction) systems. 
The Indian Oil's DEF comes with the brand name ClearBlue. 
The pact was signed by Subimal Mondal, Executive Director (lubes) at Indian Oil and Anjali Pandey, Vice President (engine business unit and component business), Cummins India, in the city on Friday, a release said. 
"With this collaboration, IOC ClearBlue is recommended for use in all diesel vehicles that have Cummins engines or any other engines with Cummins SCR technology," Mondal said. 
Bulk dispensing of DEF is in line with global trends and offers better cost viability to truck and bus owners, as compared to packed products, the release said. 
The technical knowledge of Cummins combined with the bulk dispensing expertise of Indian Oil will help offer a world-class product to the customers across the country, it added. 
"With this initiative, Indian Oil's innovation in a diesel exhaust fluid, delivers superior results that ensure emissions controls. In the new emission era of BS-VI, all diesel vehicles would require IOC ClearBlue and the right quality would extensively help in controlling the NOx emitted," said Pandey. IAS MKJ

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