No, Indian Oil Corporation Has Not Been Sold off To Adani Group

We found that Indian Oil-Adani Gas Private Ltd is a joint venture company, which was incorporated in 2013.

Published
WebQoof
3 min read
We found that Indian Oil-Adani Gas Private Ltd is a joint venture company of Indian Oil Corporation and Adani group.
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A photograph showing an Indian Oil-Adani Gas fuel pump has been shared on social media with a claim that the Bharatiya Janata Party-led NDA government has sold Indian Oil Corporation Ltd to the Adani Group of Industries.

However, we found that Indian Oil-Adani Gas Private Limited (IOAGPL) is a 50-50 joint venture company of Indian Oil Corporation and Adani group, and was founded in 2013.

CLAIM

The viral image was shared with a caption that read, “बिक गया इंडियन ऑयल..!बधाई हो भक्तो |” [Translation: Look followers, Indian Oil has been sold out]

The photo was widely shared on Facebook and Twitter with similar captions.

An archive of the post can be found <a href="https://perma.cc/ET9N-STJL">here</a>.
An archive of the post can be found here.
(Source: Facebook/Screenshot)
An archive of the post can be found <a href="https://perma.cc/7ABN-V5X2">here</a>.
An archive of the post can be found here.
(Source: Facebook/Screenshot)
An archive of the post can be found <a href="https://perma.cc/232L-YTKU">here</a>.
An archive of the post can be found here.
(Source: Facebook/Screenshot)
An archive of the post can be found <a href="https://archive.st/ahir">here</a>.
An archive of the post can be found here.
(Source: Twitter/Screenshot)
An archive of the post can be found <a href="https://archive.st/au6b">here</a>.
An archive of the post can be found here.
(Source: Twitter/Screenshot)

The photo was also sent to us as a query on our WhatsApp tipline.

WHAT WE FOUND OUT

We looked up Indian Oil-Adani Group Private Ltd (IOAGPL) on Google and found a link to their website.

The about page says, “Indian Oil-Adani Gas Pvt Ltd (IOAGPL) is a joint venture company of Indian Oil Corporation Limited (IOC) – a Maharatna Company of Government of India and Adani Gas Ltd (AGL), a leading city gas distribution company and part of Adani Group.”

Indian Oil Corporations Ltd’s (IOCL) official website also mentions Adani Gas Ltd as a partner and says the company is in the business of gas distribution in cities.

An archive of the post can be found <a href="https://perma.cc/4FBV-44DW">here</a>.
An archive of the post can be found here.
(Source: IOCL/Screenshot)

While looking up IOAGPL, we also came across a news report on BloombergQuint that said that the two organisations went into a joint venture in 2013.

We then looked up the company on Bloomberg’s website and found the company listed with all its details.

A link to the website can be found <a href="https://www.bloomberg.com/profile/company/1024104D:IN">here</a>.
A link to the website can be found here.
(Source: Bloomberg/Screenshot)

We also came across a ‘Sustainability Report’ published by Indian Oil in 2013-2014, which mentioned ‘Adani Gas’ under its joint ventures.

No, Indian Oil Corporation Has Not Been Sold off To Adani Group
(Source: Screenshot/Indian Oil)

Various such claims have gone viral in the past, which claimed that the government has sold airport, railways to corporate groups like Adani and Ambani. We have debunked these claims in the past.

Evidently, this photo has been shared out of context to claims that the Centre has sold Indian Oil Corporation Ltd to the Adani Group of Industries.

(Not convinced of a post or information you came across online and want it verified? Send us the details on WhatsApp at 9643651818, or e-mail it to us at webqoof@thequint.com and we'll fact-check it for you. You can also read all our fact-checked stories here.)

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