Project SPRINT Showing Results, Indian Oil Gains Retail Dominance

IOC in April Unveiled Project SPRINT That Looks to Make it Future-Ready by Fashioning Businesses to Meet Changing Global Energy Landscape

- OUR CORRESPONDENT

NEW DELHI: Indian Oil Corporation's (IOC) transformative project SPRINT has started to show results with improved operational performance at refineries and the company is regaining leadership position in fuel retail expansion, Chairman Arvindar Singh Sahney said.

India's largest oil firm in April unveiled Project SPRINT that looks to make the firm future-ready by fashioning businesses to meet changing global energy landscape and stay relevant and profitable.

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. IOC called SPRINT a transformation project that will keep the firm rooted in its core strengths, while at the same time preparing for an eventual transition away from fossil fuels.

"To sustain leadership in a changing energy landscape, the company must evolve with speed and agility — and with this vision, we launched Project SPRINT at the beginning of this fiscal year," he said. "SPRINT is our transformation framework to sharpen competitiveness and create long-term value."