IOCL inks MoU with RINL for supplying hydraulic & lubricating oils till 2029

Indian Oil Corporation said that it has entered into a memorandum of understanding (MoU) with Rashtriya Ispat Nigam (RINL) for suppling of hydraulic and lubricating oils & greases for a period of 5 years from 2024 to 2029.

This MOU will benefit Vizag Steel Plant (VSP) to ensure uninterrupted and continuous supply of lubricants from IOCL to meet the RINLs requirements. IOCL will provide technical support to RINL, Visakhapatnam steel plant in the field of lubrication, condition monitoring of critical and large hydraulic and lube systems, total bulk oil handling and used oil management.

IOCL will also provide training for Visakhapatnam steel plant officials in their IOCL R&D centre at Faridabad which would also help RINL to reduce lubricants consumption and to maintain optimum levels of specific lub consumption.

Indian Oil Corporation (IOCL) is an Indian government owned oil and gas explorer and producer. As of 30 June 2024, the Government of India held 51.50% stake in the company.

On a standalone basis, the company reported 80.78% drop in net profit to Rs 2,643.18 in Q1 FY25 as against Rs 13,750.44 crore posted in Q1 FY24. Revenue from operations (excluding excise duty) declined 2.17% to Rs 1,93,235.52 ‬crore in Q1 FY25 from Rs 1,97,526.57 crore recorded in the corresponding quarter previous year.

The scrip rose 0.75% to currently trade at Rs 174.60 on the BSE.

Powered by Capital Market - Live News