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How IOC became the world's 18th largest oil company
Indian Oil Company Ltd. was renamed Indian Oil Corporation in 1964 following the merger of Indian Refineries with it. IOC has since grown into the country’s largest commercial enterprise and 18th largest oil company in the world.
When the Soviet tanker Uzhgorod, carrying 11,000 tonnes of diesel, sailed into Mumbai harbour in August 1960, it was a defining moment for India - one that foreshadowed the country's geo-political leanings for the next few decades.
Western oil companies Shell, Caltex and Esso controlled India's oil refining, imports (both on the east and west coasts) and retailing since the turn of the century. The Uzhgorod's entry marked the end of their time. The companies slowly reduced supplies after pricing disputes. They also insisted on being paid in dollars - a tall order when foreign exchange was scarce. When the Soviets offered a three-year, rupee-based deal, the multinationals (MNCs) refused to handle the 'red kerosene'.
Fledgling national oil company, Indian Oil Company (IOC), stepped in to unload the fuel into Army-owned oil-tanks at Antop Hill, Mumbai. In coming decades, the company would take charge of fuelling the growing economy, to ensure that India was never again at the mercy of the MNCs.
When the Soviet tanker Uzhgorod, carrying 11,000 tonnes of diesel, sailed into Mumbai harbour in August 1960, it was a defining moment for 
