India’s top oil firm IOC is remodelling business with an increased focus on petrochemicals to hedge volatility in the fuel business, while at the same time turning petrol pumps into energy outlets that offer EV charging points and battery swapping options besides conventional fuels as it looks to make itself future-ready.

In an interview, Indian Oil Corp (IOC) Chairman Shrikant Madhav Vaidya said the intention is to become energy company of the country and not just be restricted to selling petroleum products.

IOC, which controls over 40 per cent of India’s diesel-dominated petroleum product market, recently introduced differentiated LPG for industrial users that gives flame temperature that is 80 per cent higher than conventional cooking gas, thereby cutting down cooking time and saving 5-8 per cent on fuel.

Also, the company has introduced hydrogen-spiked CNG that will give BS-VI (equivalent to Euro-VI) emissions from BS-IV vehicles, he said.

“Eventually we intend to become energy company of India and not just be restricted to selling petroleum products,” he said. “The world is changing. We intend to set up EV charging points and battery swapping stations at our petrol pumps alongside offering auto-LPG and conventional fuels. So it will be a bouquet of offering.”

IOC has already set up EV-charging points at 76 petrol pumps and battery-swapping facilities at 11 outlets. It is also evaluating different advanced battery technologies and intends to set up a metal-air battery-manufacturing facility for EVs as well as for stationary applications.

Vaidya said being the biggest retailer, IOC faces the threat of losing market share to any new entrant.