In 1959, Indian Oil Corporation was founded in India by the Government of India
The Indian Oil Company was established as a statutory corporation in 1959. Its initial goal was to offer oil products to Indian state enterprises. It was then given responsibility for the selling of state refinery products. Following a pricing battle with international corporations in 1961, it emerged as the country's principal marketing organisation for the export and import of oil and gas. Since 1959, this refining, marketing, and international trading enterprise has assisted the Indian government in the critical mission of lowering India's reliance on foreign oil and so preserving vital foreign cash.
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