Indian Oil Corporation (IOC) is targeting to become a USD 1 trillion company by 2047 by combining growth in traditional oil refining with new energy avenues like green hydrogen and EV charging. In the fiscal year 2023-24, IOC posted a record net profit of Rs 39,619 crore (USD 4.7 billion) aiming for a balanced portfolio to achieve net-zero carbon emissions by 2046. The company plans to expand oil refining capacity, invest in petrochemical units, and focus on gas, biofuels, and clean mobility. Additionally, IOC is setting up green hydrogen plants across all refineries to convert half of its hydrogen consumption to green by 2030. The firm is actively involved in renewable energy projects, battery technology partnerships, and is working on compressed bioGas (CBG) plants nationwide. Indian Oil Corporation is also establishing a joint venture for aluminium-air batteries and one of the largest battery-swapping networks in India by 2030.