A photo of a fuel station with the name ‘Indian Oil – Adani Gas’ is being shared on social media claiming that the BJP Government sold the Indian Oil Corporation Limited (IOCL) to Adani Group of Industries. Let’s verify the claim made in the post.
Claim: BJP Government sold Indian Oil Corporation to Adani Group of Industries.
Fact: ‘Indian Oil – Adani Gas Private Limited (IOAGPL)’ is a joint venture company of Indian Oil Corporation Limited (IOCL). This organisation was incorporated on 04 October 2013, during the time of the Congress Government. IOCL is part of multiple joint ventures with many other private organisations including Adani Gas limited. Hence, the claim made in the post is FALSE.
On searching the Indian Oil Corporation Limited (IOCL) website for the claim made in the post, it is found that IOCL is working on a Joint Venture with Adani Gas Limited. IOCL is part of multiple Joint ventures with several other private companies like Lubrizol India Private Limited and ICICI Bank Limited etc.
When we searched for more details on this Joint venture, we found out that ‘Indian Oil-Adani Gas Private Limited (IOAGPL)’ was incorporated on 04 October 2013, during the time of the Congress Government.
This Joint venture between Indian Oil Corporation Limited (IOCL) and Adani Gas Limited (AGL) is to engage in the business of carrying out City gas distribution. Adani Gas Limited entered into the strategic 50-50 Joint venture partnership with Indian Oil Corporation in 2013. According to the 2019-20 balance sheet, 50-50 equity share was distributed between the IOCL and Adani Gas Limited.
In Union Budget 2021, Finance Minister Nirmala Sitharaman has not made any statement about the disinvestment in Indian Oil Corporation Limited.
To sum it up, Indian Oil-Adani Gas Private Limited is a strategic 50-50 joint venture incorporated in 2013 during the time of the Congress Government.
