Indian Oil is implementing its SPRINT project, aimed at significant transformation and growth. This initiative focuses on strengthening core businesses, optimizing costs, reinforcing customer centricity, integrating technology and innovation, nurturing leadership, and transitioning to green energy. Key goals include becoming India’s largest refining player, boosting fuel retail market share, and scaling up green energy businesses, projecting substantial advancements by 2030.
SPRINT Project Overview
Indian Oil is undertaking the SPRINT project, a transformational initiative designed to drive growth and adapt to evolving market dynamics. This comprehensive strategy addresses both external challenges and internal opportunities to sustain a dominant position in the energy sector.
Key Focus Areas
Strengthening Core Businesses
The company aims to solidify its position as India’s largest refining player and enhance its fuel retail market share. This includes strengthening leadership across institutional businesses and scaling petrochemical capacity, including specialty chemicals.
Propelling Cost Optimization
Indian Oil is focused on achieving best-in-class performance in energy product delivery and gaining cost leadership across marketing businesses. Optimizing repair and maintenance costs and ensuring on-time, within-budget capital project delivery are critical components of this effort.
Reinforcing Customer Centricity
The company is dedicated to becoming the #1 choice for retail and institutional customers. Expanding the customer base across new segments and scaling new offerings to excite customers are key priorities.
Integrating Technology and Innovation
Indian Oil seeks to drive product innovation for existing and new businesses. Implementing digital use cases to drive positive business value and making future-ready technology choices are essential aspects of this strategy.
Nurturing Leadership and Talent
The company aims to develop and acquire talent for new businesses and build high-potential leaders. Re-dedicating to the core values of Indian Oil is also a priority.
Transitioning to Green Energy
Indian Oil is committed to accelerating the scale-up of green energy businesses, building new engines of growth, and traversing the net-zero pathway.
SPRINT Goals
The SPRINT project encompasses various goals across different sectors:
Refining & Pipeline
Sustain leadership as India’s #1 refining player and maximize utilization and margins.
Retail
Increase market share, particularly in urban and highways, and build a diversified profit pool.
Institutional
Be the #1 preferred partner for institutional customers.
Import/Export
Be import/export ready to maximize utilization.
LPG
Be an industry leader.
Aviation
Be the #1 SAF (Sustainable Aviation Fuel) player.
Lubes
Scale automobile lubes business and indigenize additives.
Petrochemicals
Achieve a profitable scale-up with a focus on specialty chemicals, and scale capacity.
Alternate Energy
Ensure Terra Clean is IPO ready.
Trading Desk
Achieve a sizeable play across products.
Natural Gas
Become India’s Top 5 gas provider (by volume).
New Business
Expand to new geographies and establish a presence across future growth sectors.
SPRINT Secretariat and Implementation
A dedicated SPRINT Secretariat has been established to ensure the successful implementation of the project. This includes defining roles across Indian Oil, selecting high-potential team members, and establishing a multi-tiered governance mechanism with defined cadence, attendees, and agenda.
Early Results
Early results show improvements in energy efficiency across refineries and increased commissioning of retail outlets with higher shares of Class A & D1. Auto lubes sales have also seen ~8% year-over-year growth.
Source: BSE
