The Truth Behind Adani’s Acquisition of Government Owned Indian Oil Corporation

Here is a fact check on a widely circulated viral post that has criticized the Government of India over news of its selling the Indian Oil Corporation to Indian multinational giant Adani Group

Raghav N

February 22, 2021

Trending News

2 min

zeenews

Recent social media posts claiming that the Government of India sold the Indian Oil Corporation (IOC) to Indian conglomerate Adani Group have been doing the rounds. Several netizens, Congress leaders included, blamed the Modi government of slowly selling all public sector companies to corporate giants. Writing that India’s wealth is Adani’s treasure, an image of a petrol pump branded as ‘Indian Oil-Adani Gas’ was massively shared online by many internet users.

However, a fact check into the matter revealed that the IOC and the Gujarat headquartered multinational organization had launched a joint venture by the name of Indian Oil Adani-Gas Pvt Ltd (IOAGPL ) in 2013 to implement city gas distribution projects across the country. The objective was to enable the supply of natural environmental friendly gas through a network of underground pipelines. The initiative was launched in several cities including Ernakulam, Chandigarh, Prayagraj, Panipat, Panchkula, Wayanad and others. The IOC’s official website also displays information about several other private companies with which it is in touch for multiple infrastructural projects.

The GOI’s official partner for countering misinformation, the Press Information Bureau (PIB) Fact Check confirmed the merger as fake, putting all rumours to rest.

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