2. Indian Oil Corporation: ‘The Energy of India’
1 Company Overview
2 Attractive Market
3 Dominant Market Leader: ‘The Energy of India’
4 Well Defined Strategy
5 Strong Operating & Financial Performance
6 Conclusion
2
3. Company Overview - Corporate History
Merger
Indian Refineries Ltd. Indian Oil Company Ltd.
1958 1959
Integrated Refining and
Marketing company in
Indian Oil Corporation Ltd. 1964 PSU domain
Companies Merged
Assam Oil Company IOBL IBP Co. Ltd BRPL
1981 2006 2007 2009
3
4. Company Overview – Brief Description
Highest‐ ranked (125) Indian Company in Fortune Global 500
Board Structure Shareholding Pattern
India’s largest
commercial enterprise
Largest refiner
Largest marketing
infrastructure
Largest pipeline
network
Notes
1. Shareholding pattern as on 31st March’11
4
5. Company Overview – Brief Description
Core Business: R&M(1) Diversification
Investing in wider petrochemical product
Operates 10 refineries with a total production slate
capacity of 65.7 MMT Gas distribution – CGD, LNG at Doorstep
Business etc
Description Operates a 10,899 km long product and E&P through equity interest in blocks across
crude pipeline network as well as maintains a the world
marketing network with ~ 37,000 touchpoints Power generation through renewable
sources of energy
INR Bn unless specified FY 10 FY 11
Revenue 2,711 3.287
EBITDA 189 163
Financial EBITDA Margin (%) 6.9% 4.9%
Summary
ROA/ ROE (%) 33.9%/20.2% 15.6%/ 13.5%
Debt/ Equity (x)
0.88x 0.95x
Dividend Payout Ratio (%) 31.0% 31.0%
Higher EBITDA in FY’10 due to higher inventory & exchange gains.
Notes
1. As on 31st Mrch’11, including refineries operated by IOCL’s subsidiaries
5
6. Company Overview – Proven Track Record
[Becomes first Indian oil Company enters into Enters petrochemical IOCL’s Mathura refinery
IOCL formed through merger Becomes the first Indian becomes India’s first Commissioned India’s
& gas] company to LPG business business by commissioning
of Indian Refineries Ltd & company to cross the INR refinery to produce Euro-III largest Naptha Cracker
establish Research & through a JV with the world’s largest single
Indian Oil Company Ltd 1,000 Bn [turnover] mark Compliant diesel & petrol Complex
Development Center Petronet LNG train kerosene to LAB unit
1964 1972 1994 1997 2000 2003 2004 2005 2010
Entry into E&P business,
First petroleum product Commissions is awarded two First Indian petroleum IOCL is top national
pipeline commissioned: India’s first company to start Company enters into oil company in Asia Awarded “Maharatna"
exploration blocks under the gas business status by the Govt. of India
Guwahati-Siliguri pipeline Hydrocracker unit NELP-I overseas retail business Pacific
Track Record: Rapid Growth Consistently
Net Worth & Revenues Refining Capacity: 65.7 MMT Total Length of Pipeline Network: 10,899 Kms
(INR Thousand Crore) (MMT) Kms (‘000)
350 328.7 60 75 12 10.9
65.7
300 50 10 9.0
60
250 47.5 CAGR
40
CAGR CAGR 8 7.3%
200 45 5.3%
16.5% 30 5.4
150 6
94.1 28.0
20 30 4.0
100
15.8 4
50 17.5 10 2.0
0.6 4.5
15 7.8 2
0 0 0.4
1970 1980 1990 2000 2011 0 0
1970 1980 1990 2000 2011 1964 1975 1985 1995 2005 2011
Turnover Netw orth
6
7. Attractive Market: Large Potential in India
Source BP Statistical Review of World Energy June 2011,
7
8. Attractive Market: Large Potential in India
India One of the Fastest Growth in Oil Consumption .. Leading to Large & Growing Petroleum Product Consumption in India (1)
2009‐ 14E CAGR (%)
(MMT)
5% 4.8%
4.1% 142
4%
140 138
3% 2.6%
2% 133
1% 0.5%
0.3% 129
130
0%
China India Asia Pacific N. America OECD
.. Refinery Through Put …..% Change in 2010 over 2009
121
15
13.4 (1)
120
12
113
9 112
7.2
6.1 110 108
6
2.9 2.7
3
0.5
-0.2
0 100
China India Africa Middle US Europe Japan FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY'10 FY'11
East
-3
Source BP Statistical Review of World Energy June 2009, & 2011 Source Petroleum Planning and Analysis Cell, Ministry of Petroleum and Natural Gas, Govt. of India
Note:
1. Figure for FY’11 is provisional
8
9. Dominant Market Leader: ‘The Energy of India’
1
The Leader: #1 Refiner in India
2
‘India’s Energy Lifeline’ – Dominant Pipeline Network
3
Unparalleled Market Reach
9
10. Simply – The # 1 R&M Player in India
#1: Largest refining
capacity in India:
#1:87% downstream
about 35% market
market share in crude
share
oil pipelines
#1: Highest petroleum
#1: Largest provider of
products market share:
pipelines for petroleum
46% Refining products: about 49%
downstream market
Pipeline
#1
share
Marketing #1: 89% market share of
bulk consumer pumps
#1: 54% of total
#1: 52% market share in
consumer touch points
LPG dealership
Notes
1. As on 31st March 2011
10
11. 1 Refining Capacity: Strategically Located Close to Profitable Markets
•• Access to high demandAccess to high
demand
market of North Indiamarket of North Digboi: 0.7 MMT
India
•• Highest refining capacityHighest refining
capacity •• Refineries benefit fromRefineries benefit
in this regionin this region from
excise duty concessionsexcise duty
Barauni: 6.0 MMT
concessions
•• Ability to supply to NorthAbility to supply
Panipat: 15 MMT
to North
India markets at low cost byIndia markets
at low cost by
leveraging pipeline networkleveraging
Guwahati: 1 MMT
Mathura: 8 MMT pipeline network
Bongaigaon: 2.4 MMT
Koyali: 13.7 MMT
Haldia: 7.5 MMT
Paradip: 15 MMT
Chennai: 10.5 MMT
Narimanan: 1.0 MMT
Refineries owned and operated by IOCL’s subsidiary - CPCL
Installed capacity (IOC) : 54.2
Refinery (under construction) : 15.0 Operational refineries of IOCL
Subsidiaries : 11.50 Under-construction refinery of IOCL
11
12. 1 The Leader: #1 Refiner in India
Key Highlights Dominant Market Leader(1)
Refining Capacity (MMT)
Indian Oil Corporation operates 10 of India’s 20 refineries
75.0
65.7
The Company accounts for about 35% of the total 62.0
domestic refining capacity 60.0
45.0
Technologically [advanced] refineries
– Flexibility to switch between various production
processes and grades of crude oils 30.0 24.5
– Each refinery is a cracking refinery with moderate 14.8
11.9 10.5
conversion capacity 15.0
0.0
IOC RIL BPCL HPCL ONGC Essar
All the refineries are Euro III / IV compliant (Bongaigaon
Refinery expected to be compliant by Jul’11) Throughput (MMT)
55.0
53.0
Diverse product basket: 51.4
50.7
– Refined petroleum products such as high speed diesel,
50.0
jet fuel, SKO, light petroleum gas, gasoline, bitumen, 47.4
heavy fuel oil & naphtha
– Petrochemical products such as LAB, Px/PTA, polymers
45.0 44.0
– Lubricants and greases
40.0
FY07 FY08 FY09 FY10 FY11
More than 100% capacity utilization for last 5 years
Notes
1. As on 31st March 2011
12
13. Pipelines…India’s Energy Life Line
Jalandhar
IndianOil owns and operates India’s Largest
network of crude & product pipelines
Ambala
Bhatinda Roorkee Getting closer to the clients with increasing length
Sangrur
Najibabad
Panipat
Meerut Tinsukia
Rewari Dadri Delhi
Sanganer Siliguri
Mathura Bongaigaon
Ajmer Bharatpur Digboi
Jodhpur Barauni Guwahati
Kot Kanpur
Tundla Lucknow
Chittaurgarh
Sidhpur Chaksu
Ahmedabad Rajbandh
Kandla Ratlam Ranchi
Mundra Navagam Durgapur
Vadinar Koyali Budge Budge
Maurigram
Viramgam Haldia
Dahej
Raipur
Hazira
Paradip
Pipelines (Existing
)
Product
Crude Oil
LPG Pipeline Bengaluru
R-LNG Pipeline
Chennai
Pipelines (Ongoing)
Product
Sankari Asanur
LPG Pipeline
Trichy
As on 1.4.2011
Madurai
13
15. Marketing…
Marketing Touch Points ( about 37,000)
Aviation Fuel Stations (96)
LPG Bottling Plants
(89) SKO/LDO Dealers (3,960)
Bulk Consumer Pumps No.1 oil
Chandigarh (7,780) marketing
company in LPG Distributors (5,456)
Terminal/Depots
(140) INDIA
LPG Customers (61.8 million)
Delhi NOIDA
Retail Outlets (19,463 including 3,517 KSKs)
Jaipur Lucknow
Guwahati
IOC has share of about 54% in Marketing Infrastructure
Patna
Bhopal
Ahmedabad Bhubaneswar Kolkata
Regional Offices: 4
State Offices: 16
Mumbai Divisional Offices
Retail:
Secunderabad Consumer : 66
Indane Area Offices : 34
45
Bengaluru
Chennai
As on 1.4.2011
Kochi 15
16. Marketing - Sales
Product Sales (MMT)
Rural Penetration : Contributing towards inclusive growth
70.3
70 67.5
64.5 5 No. of
KSKs
4.5
commissi
60.8
3.6 oned
during the
60
3.3 year
56.5
3.1
Export
65.3 Domestic
63
50 60.9
57.5
53.4
40
FY07 FY08 FY09 FY10 FY11
Petroleum Products Market – % Share(1)
IOCL 46 KSK Sales (MS & HSD) - % of total IOC’s Sales (MS & HSD )
BPCL 20
HPCL 18
RIL 8
Others 9
(1) Market share of other companies is provisional
16
17. IndianOil in Every Part in Every Heart
North East Along, Passighat, Ziro
Only oil company
operating in every Himalayas Leh, Kargil, Lahaul Spiti
part of India
Islands Andaman, Nicobar, Lakshadweep
Retail Outlet at Boat house Kisan Seva Kendra outlets for Modern XTRAcare ROs
extending rural reach
17
18. Well Defined Strategy
1
Reinforcing
Competitive
Advantage
Building capacity of
core refining and
pipeline business
5 2
Investing in the
Increasing Quality & Future
Operational Flexibility Facilitating R&D and
Drive flexibility and innovation to lead
efficiency of production future growth
capabilities
4 3 Integration led Value
Diversification Enhancement
Geographic and
product expansion to Backward & forward
develop sustainable integration for
profits maximum value
capturing
18
19. R & D – Providing Cutting Edge
Established in 1972 , Currently 438 scientists & support staff
Biotechnology,
Lubricant Nanotechnology,
Technology Alternative Energy
Refining
Technology
Fuel Additives
Hydrogen &
Gasification
Polymers &
Petrochemicals
19
20. 5 Investing in the Future – R&D/ Innovation
Focus of R&D Advances in Products
The major thrust for R&D in next decade would be INDMAX:
– Facilitates maximization of LPG and light distillates from refinery residue
– Reducing the carbon footprint of IOCL’s processes, products and – Aims to install a 4 MMTPA unit as a part of the refinery/ petrochemicals
technologies; endeavour to reduce Company’s emissions by 20% to 25% complex at Paradip by 2012
from current levels Marine Oils: One of only six oil companies globally to have indigenously
developed “original equipment manufacturer-approved marine lubricants
– Licensing the Company’s technologies on a larger scale technology”
Needle Coke:
– Application of nano-technology
– One of three companies in the world that possess the technology to make
– Development of superior, high performance catalyst and lubricant additives high value needle coke for application in graphite electrodes for steel-
making.
– Improvement of overall efficiencies – Technology has been commercialized in Bongaigaon and Guwahati
Refineries
Investment in R&D Active Patents by Geography Active Patents by Division
(INR MM)
2,000 Others
25% Lubes
1,510
19%
Others 39%
942 India
1,000
52%
567
42%
USA
261
95 Refinery
23%
0
FYE 07 FYE 08 FYE 09 FYE 10 FYE 11
Budgeted Estimate For FY11
20
21. Forward Integration - Petrochemicals
India’s one of the major petrochemical player
Assets : Value addition to downstream business
21
22. Diversification to Gas Business
Gas Sales and Turnover(1)
City Gas
Stakeholder Distribution
in M/s (CGD)
Petronet LNG
4 Sales Volume(MMT) 4500
Limited (PLL)
4,001
3.5 Turnover (INR Crore) 4000
3500
3
2,990
3000
2.5
2,884
2500
2 2078
LNG at Proposed
1746 2000
Doorstep LNG terminal
of 5 MMTPA 1.5
at Ennore 1500
2.30
1 1.91 1.85 1.90
1000
1.63
0.5 500
0 0
Gas 2006‐07 2008‐09 2010‐11
pipelines
(1)
Includes sales to IOC’s refineries
22
23. Upstream Integration - Exploration & Production
Discovered:
Domestic Blocks : 13 Domestic Blocks – 3
Overseas Blocks: 3 (Farsi (Iran), OML 142 (Nigeria),
NELP (11), CBM : (2) Carabobo Project 1 (Venezuela))
Awarded two S type blocks in Cambay basin
with 100% participating interest and
operatorship.
For domestic blocks participated mainly with OIL
and ONGC
For overseas blocks participated mainly with OVL
and OIL
Carabobo Project 1, Venezuela: PdVSA (60%),
Overseas Blocks :10 Repsol (11%), Petronas (11%), OVL (11%); OIL
(3.5%), IOC (3.5%)
Libya (3), Iran (1), Yemen (2), Nigeria (1),
Gabon (1), Timor-Leste (1) & Venezuela (1)
Total investment so far in E&P - INR 1,536* crore
(*As on 31.3.2011)
23
24. Diversification - Clean Energy
WIND SOLAR NUCLEAR
BIOFUELS
5 MW Solar Power Plant Nuclear Power
• JV Company Energy Crop
Wind • IOCL won bid to set up 5 incorporated to Plantation
Power Project MW Solar PV Power Plant put up Nuclear
at Barmer, Rajasthan under • Captive plantation
Power Plants in
Jawaharlal Nehru National for Jatropha in India
• Commissioned at India
Kachchh, Gujarat Solar Mission
in January 2009 • Chhattisgarh,
• Equity Jhabua, MP :
Empowering Rural India participation 6070Ha
• Capacity : 21 (26%) in
MW (14 WEGs • Over 30,000 solar lantern Rawatbhata • UP: Plantation under
of 1.5 MW sold from Retail Outlets (RAPP 7/8, MNREGS funded
each) (ROs), LPG Distributors for 700*2 MWs) Public-Private-
lighting rural home / shops Rajasthan Panchayat
Partnership (P4)
• Considering further model: 10 ha
investment in wind • For poorer villagers, 3 completed
power projects Solar Charging Stations
installed at pilot basis to
• Proposed to extend
centrally charge lanterns
plantation upto
for renting to customers
50,000 ha.
24
25. Subsidiaries - Beyond Boundaries
•75.11 % stake holding
•Storage, Terminaling and Retail trade
Lanka IOC
•Turnover (2010-11) INR 2090 crore
Limited, •Ranked No. 1 Company in Sri Lanka
Sri Lanka by Lanka Monthly Digest for the
(2002) third consecutive year
Major
OVERSEAS IndianOil
IOC Middle •100% stake holding
SUBSIDIARIES Mauritius
East FZE, Limited, •Aviation, Retail, Storage,
Dubai (2006)
Mauritius Quality Assurance
(2001)
•Turnover (2010-11) INR
841 crore
•100% stake holding •3rd largest petroleum
company in Mauritius
•Sale of Lubricants in Middle East
countries
•Turnover (2010-11) INR 77 crore
25
26. Subsidiaries & JVs
Domestic
Subsidiaries IOT Infrastructure & Energy Services Ltd (50%, 1996)
Avi‐ Oil India Pvt. Ltd (25%, 1993)
Petronet LNG Ltd. (12.5%, 1998)
Chennai Petroleum IndianOilPetronas Pvt. Ltd. (50%, 1998)
IndianOil Corporation MajorMajor
CREDA Limited JointJoint
Biofuels (2001*) VenturesVentures
•51.89% stake
Limited holding
Lubrizol India Pvt. Ltd.(50%, 2000)
(2009) •PAT (2010-11):
INR 512 crore
• 74 % Stake •Amount of
Green Gas Ltd. (25%, 2005)
holding Investment by
Amount of IOC: INR
• 509.33 crore
Investment
•Refining Indo Cat (P) Ltd. (50%, 2006)
by IOC: INR IndianOil Skytanking Ltd. (33.33%, 2006)
Capacity: 11.5
0.74 crore MMTPA
* Became subsidiary of IndianOil
26
29. Financial Performance
Total Debt to Equity Long Term Debt to Equity Debt to Investments Ratio(1)
(x) (x)
1.4 1.3
1.2 0.4 0.4 0.4
1.0 0.3
0.95 0.3 1.2 1.1
1.0 0.9 0.9 1.1
0.3 1.0
0.8 0.3
0.8 1.0 0.9
0.8
0.6 0.2
0.6
0.4
0.1 0.4
0.2
0.2
0.0 0.0
FY07 FY08 FY09 FY10 FY11 FY07 FY08 FY09 FY10 FY11 0.0
FY07 FY08 FY09 FY10 FY11
Investments(1) Fixed Assets Contribution to Central Exchequer
(INR Bn) (INR Bn) (INR Bn)
450 424 1,100 1,058 400 397
402 342
387
400 361 1,000 934
284
300 259 265
350 315 900
805
300 800
200
250 660
700
592
200 600 100
150 500
100 400 0
FY07 FY08 FY09 FY10 FY11 FY07 FY08 FY09 FY10 FY11 FY07 FY08 FY09 FY10 FY11
Note
1. Investments include Market Value of shares held in ONGC Ltd., GAIL (India) Ltd., OIL India Ltd., shares held in Trust formed for merger of IBP Co. Ltd. and Bongaigaon Refinery &
Petrochemicals Ltd and Special Oil Bonds
29
30. Compensation of Under Realization
INR Thousand Crore
Oil Bonds / Budgetary Support #
58.6
Discount from Refiners
Discount from Upstream Companies
43.1 43.1
Net Under Realization TOTAL
40.4
GOVT. OF
INDIA
28.6 19.0 SUPPORT
22.6
25.8
13.9
15.2
14.3
0.6
16.7
11.9 18.2
7.5
9.8
2.2 3.1 3.8
FY07 FY08 FY09 FY10 FY'11
# Oil Bonds till FY09; Budgetary Support during FY’10 & FY’11
30
31. Investments - Fuelling the growth
11th Plan
Five Year Plan (Anticipated)
INR crore
Capital Expenditure
52,000 INR crore
2007-08 2008-09 2009-10 2010-11 2011-12*
Plan
Expenditure 5,142 10,353 12,256 9,831 14,500
Non Plan
Expenditure 1,874 1,678 2,007 2,588 4,440
9th Plan 10th Plan Total 7,016 12,031 14,263 12,419 18,940
* Budgeted Estimate
12,886 17,930
31
32. Major ongoing projects
Anticipated Outlay Anticipated
Projects-Refinery (INR crore) Objective Completion
To meet domestic demand & export of surplus
Paradip Refinery 29,777 product Nov’12
MS Quality Upgradation Project at
Bongaigaon Refinery 294 To produce BS-III quality MS July’11
DHDT at Bongaigaon Refinery 1,646 To produce BS-III quality HSD June’11
To increase processing capacity of unit from 1.3 to 1.5
Fluidized Catalytic Cracking Unit at MMTPA & maximize production of value added
Mathura Refinery 1,000 Jan’13
propylene
Designed to produce 138 MTPA of Butadiene to be
Butadiene Extraction Unit at Panipat 342 used as feedstock for SBR project at Panipat Feb’13
Total (a): 33,059
Anticipated Completion
Projects-Pipelines Anticipated Outlay (INR crore)
Branch pipeline from KSPL, Viramgam to Kandla 349 Dec’11
Paradip-Sambalpur-Raipur-Ranchi pipeline 1,793 Sep’12
Debottlenecking of Salaya-Mathura crude pipeline 1,584 Dec’12
Integrated crude handling facilities at Paradip 1,493 Jun’12
Tanks and Blending facilities at Vadinar 267 Oct’11
Paradip-Haldia-Durgapur LPG pipeline 913 Dec’13
Total (b) : 6,399
Other Projects (c) 5,600
TOTAL (a+b+c) 45,058
32
37. Sustainable Development
Water management
Green fuels Emissions control
IndianOil
Initiatives
Tree plantation Effluent treatment
CDM projects
37
38. Care for Environment
Environment Management Systems at refineries, pipelines and major marketing
installations certified under ISO-14001 standards
Best procedures & practices of industry in place at all operating units to take
care of Safety, Occupational Health & Environmental Issues
Expected to generate 60,000 CERs per annum through various CDM projects
planned in refineries
Decline of ~22% is witnessed in effluent discharge (per TMT of crude oil) from
refineries in 2010-11 compared to 2009-10.
38
39. Corporate Social Responsibility
LPG connections to BPL families
under RGGLVY (20%)
2% of retained profit of
previous year for CSR Indian Oil Foundation
Scholarships (30%)
Community Development:
(30%)
(Education, Health
& Drinking water)
National causes &
Natural calamities (35%)
Contributions/Donations (5%)
39
40. Conclusion
1
Delivering on Key Success Factors
2
The # 1 R&M Player in India
3
Integrated Operations
4
Strong Performance
40
41. 1 Conclusion – Delivering on Key Success Factors
Key Success Factors Indian Oil Corporation Positioning
Long term contracts to build access to feedstock
Feedstock INR 15 bn invested in E&P blocks; Reserves identified in six blocks
Increasing equity investment in E&P to create integrated projects
Indian market leadership in refining and marketing
Integration Capacity enhancement to produce diversify petrochem product
slate
Manufacturing
Excellence and Scale
In-house state of the art R&D facilities
Largest refining capacity in the country
Recently commissioned India’s largest Naphtha Cracker Unit
Access to Key
Markets
Ideally positioned for growth in India
Access to key markets in Asia Pacific
Largest crude and product pipeline network in the country
Logistics/
Distribution
Maximum number of customer touchpoints in the Indian petroleum
industry
41
42. 2 Conclusion – The # 1 R&M Player in India
Refining Capacity Crude Pipelines Retail Outlets
(MMT) (MMT) (No.)
1.1x 1.9x
75. 0 50 2 0 ,0 0 0 19 ,4 6 3
6 5. 7 6.7x
6 2 .0
40
6 0 .0 40 16 ,0 0 0
4 5. 0 30 12 ,0 0 0 10 ,2 12
9 ,2 9 0
3 0 .0 2 4 .5 20 8 ,0 0 0
14 .8
10 . 5 12 .0 10 4 ,0 0 0
15. 0 6
0 .0 0 0
IOC R IL B PC L HPC L Essar O N GC IO C L O t he r do wns t re a m P S U IO C L HP CL BP CL
Domestic Sale of Petroleum Products Product Pipelines LPG Distributors
(MMT) (MMT) (No.)
1.4x 2.1X
75 2.2x 40 6 ,0 0 0 5 ,4 5 6
65 35
60
30
26
4 ,0 0 0
45
20 2 ,6 3 3
28 2 ,4 5 2
30 26
10 2 ,0 0 0
10
15
0 0 0
IO C L BP CL HP CL IO C L HP CL BP CL IO C L HP CL BP CL
42
43. 3 Conclusion – Integrated Operations
Petrochemicals
Gas
Refining Wind
Nuclear
Pipelines
Solar
Marketing
43
44. 4 Conclusion – Strong Performance
Growth Rates Margins & Returns
5yr CAGR Growth Rates
Asset Base : 14.6% Margins & Returns
Turnover : 12.4% FY11 EBITDA margin of 4.9%
Performance
Net worth: 13.6% FY11 ROE: 13.5%
Refining capacity: 5.6% FY11 ROA: 15.6%
Pipelines capacity: 4.6%
Capital Structure: Virtually Debt Free
Long Term Debt to Equity Debt to Investments Ratio(1)
(x) (x)
1.4
1.4
0.4 0.4 0.4
0.3
1.2 1.1
0.3 1.1
0.3 1.0
0.3 1.0 0.9
0.8
0.2
0.6
0.4
0.1
0.2
0.0 0.0
FY07 FY08 FY09 FY10 FY11 FY07 FY08 FY09 FY10 FY11
Notes
1. [Investments include Market Value of shares held in ONGC Ltd., GAIL (India) Ltd., OIL India Ltd., shares held in Trust formed for merger of IBP Co. Ltd. and
Bongaigaon Refinery & Petrochemicals Ltd and Special Oil Bonds
44