• IOC bets big on digital change to retain biz in post-Covid era

    State-run Indian Oil (IOC) is betting big on mobile computing, a lean, digital-savvy workforce and new-age offerings such as natural gas, hydrogen as well as electric mobility to reshape its leadership role in the post-pandemic “new normal” of India’s energy market, according to chairman Shrikant Madhav Vaidya.

    Parallelly, IOC will consolidate its core business by becoming the least-cost supplier through cost and asset optimisation.

    Expansion of business footprint will be through “meaningful collaborations”, sources quoted Vaidya as saying in his video message to employees after taking over reins of India’s largest refiner-retailer on July 1.

    He said IOC’s focus on “technological immersion” has proven to be a promising enabler in the “new normal” and sought to scale up the digital transformation for smooth business process flow and empowering customers as well as channel partners with digitally-aided logistics, supply and distribution network.

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