Name Partners Business

Avi-Oil India Pvt. Neden BV, Netherlands Manufacturing of

Ltd. Balmer Lawrie & Co. Ltd. Speciality lubricants

Green Gas Ltd. GAIL (India) Ltd. City Gas Distribution

Setting up and
Coal India Ltd., NTPC Ltd.,
operating fertilizer
Hindustan Urvarak Fertilizer Corporation of
plants at Sindri,
and Rasayan Ltd. India Ltd., Hindustan
Gorakhpur, and
Fertilizer Corporation Ltd.
Barauni

Develop grid and/or

off-grid Renewable
IndianOil NTPC Energy (RE) based
NTPC Green Energy
Green Energy power projects to
Limited
Private Limited supply 650 MW or
more renewable
power.
 Maximus Investment
Advisory Pvt. Ltd., ICICI
IndianOil LNG Pvt. LNG Terminal at
Bank Ltd., Tamil Nadu
Ltd. Ennore
Industrial Development
Corporation Ltd.

Aviation fuel facility

IndianOil Skytanking GmbH,
projects and Into Plane
Skytanking Pvt. Ltd. Germany
services

Manufacturing of
Indian Synthetic Trimurti Holding
Styrene Butadiene
Rubber Pvt. Ltd. Corporation, BVI
Rubber at Panipat

Undertaking bitumen
IndianOil Total Pvt. Total Marketing and business, LPG business
Ltd. Services S.A., France as conducted at LPG
facilities

Commercialization of
IOC Phinergy Pvt.
Phinergy, Israel the Al-Air battery
Ltd.
technology in India
NPCIL – IndianOil
Nuclear Power Setting up Nuclear
Nuclear Energy
Corporation of India Ltd. Power Plant
Corporation Ltd.

Bharat Petroleum
LNG imports /
Corporation Ltd., Oil and
Petronet LNG Ltd. distribution and
Natural Gas Corporation
regasification
Ltd., GAIL (India) Ltd.

Lubrizol India Pvt. Manufacturing of Lube

Lubrizol Corp., USA
Ltd. Additives
 Objective Value Creation Logic (IOCL)

Leverage Neden BV's lubricant

Diversify into manufacturing
expertise and Balmer Lawrie's
specialty lubricants, enhancing
market presence to strengthen
the product portfolio.
production and sales.

Expand city gas distribution Utilize GAIL’s gas supply and

networks for cleaner energy distribution expertise to grow
solutions. IOCL’s clean energy footprint.

Combine resources from coal

Secure fertilizer supplies for
and power sectors for cost-
agricultural markets.
efficient fertilizer production.

Combine IOCL’s energy

Develop renewable energy
demand with NTPC’s
projects for IOCL’s energy
renewable energy expertise for
requirements.
sustainable growth.
 Blend IOCL’s distribution
Operate an LNG terminal to
expertise with financial and
strengthen LNG import and
operational support from
regasification capacity.
partners.

Leverage Skytanking GmbH’s

Expand into aviation fuel
aviation expertise for efficient
infrastructure and services.
aviation fuel services.

Access Trimurti’s production

Manufacture synthetic rubber
technology to meet India’s
for domestic consumption,
growing demand for synthetic
reducing import dependency.
rubber.

Use Total’s global expertise

Strengthen the bitumen and and IOCL’s distribution reach
LPG market presence. for competitive market
presence.

Commercialize Al-Air battery Phinergy provides cutting-edge

technology for energy storage technology while IOCL offers
and EV markets. scalability and market reach.
 Combine IOCL’s financial
Develop nuclear power capacity with NPCIL’s nuclear
capabilities. expertise to diversify energy
sources.

Expand LNG imports, Combine partner expertise to

distribution, and regasification establish a robust LNG supply
capacity. chain.

Leverage Lubrizol’s expertise

Expand into lube additive
in advanced additives to
manufacturing.
enhance product quality.
 Logic of Value Theoretical
Value Creation Logic Logic of Value
Creation Rationale
(Partners) Creation (IOCL)
(Partners) (IOCL)

Co-
Co- Specialization:
Specialization: Racing for the Acquire
Racing for the world to reach Knowledge
Expand their market reach in
world to reach new markets; (Learning
India by utilizing IOCL's vast
new markets; Balamer Lawrie - Theory),SCT-
network and resources.
Learning: Racing it is also increase market
for the world to Learning: Racing power
plug skill gaps for the world to
plug skill gaps

Co-
Acquire Tacit
Specialization:
Co- Knowledge
Strengthen their foothold in city Racing for the
Specialization: (Learning
gas distribution by collaborating world to reach
Racing for the Theory);
with IOCL's established new markets;
world to reach Strategic
infrastructure. Learning: Racing
new markets; Planning for
for the world to
Alliance(SMT)
plug skill gaps

Access to
Co- Resources (RDT),
Specialization: Increase
Co-
Racing for the Revenue After
Benefit from IOCL's energy and Specialization:
world to reach Breakeven
logistics expertise to optimize Racing for the
new markets; (Inventory
operations and distribution. world to build
Learning: Racing Returns
critical mass
for the world to Theory);Strategic
plug skill gaps Planning for
Alliance (SMT),

Learning: Racing Learning: Racing

for the future to for the future to Develop VRIO
build new build new Resources (RBT),
competencies; competencies; Access to
Utilize IOCL’s energy consumption
Co- Co- Resources (RDT),
requirements to scale renewable
Specialization: Specialization: Build
energy projects efficiently.
Racing for the Racing for the Competencies
future to create future to create (Learning
new new Theory)
opportunities opportunities
 Co- Co-
Develop VRIO
Utilize IOCL's LNG expertise and Specialization: Specialization:
Resources (RBT),
existing customer base for Racing for the Racing for the
Access to
efficient terminal operations. world to reach world to reach
Resources (RDT)
new markets new markets

Develop VRIO
Co-Option: Resources (RBT),
Racing for the Co- Acquire Tacit
Access IOCL's established aviation world to build Specialization: Knowledge
fuel market for rapid expansion in Critical Mass; Racing for the (Learning
India. Learning: Racing world to reach Theory);
for the world to new markets Strategic
plug skill gaps Planning for
Alliance (SMT)

Co-
Specialization: Acquire
Co-
Racing for the Knowledge(Lear
Partner with IOCL to secure Specialization:
world to reach ning Theory);
feedstock and gain access to Racing for the
new markets; Increase Market
India's synthetic rubber market. world to reach
Learning: Racing Power
new markets
for the world to (SCT/MPT);
plug skill gaps

Learning: Racing
for the world to Acquire
Co-
Gain market penetration in India plug skill gaps ; Knowledge
Specialization:
by leveraging IOCL’s established Co- (Learning
Racing for the
LPG and bitumen distribution Specialization: Theory);Increase
world to reach
networks. Racing for the Market Power
new markets
world to reach (SCT/MPT);
new markets

Learning: Racing
for the future to
build new Co- Develop VRIO
Collaborate with IOCL to scale competencies; Specialization: Resources (RBT),
production and access Indian Co- Racing for the Acquire Tacit
markets for advanced battery Specialization: future to create Knowledge
technology. Racing for the new (Learning
future to create opportunities Theory)
new
opportunities;
 Develop VRIO
Learning: Racing
Resources (RBT),
for the world to
Co- Strategic
Benefit from IOCL's financial plug skill gaps ;
Specialization: Planning for
strength and infrastructure for Co-
Racing for the Alliance (SMT);
implementing nuclear energy Specialization:
future to build Enhance
projects. Racing for the
critical mass Revenue
world to reach
(Transaction
new markets
Value Theory)

Co-Option
Racing for the
Use IOCL's infrastructure and Co-Option Minimize Cost
world to build
market reach to enhance LNG Racing for the (TCE), Develop
critical mass;
distribution and regasification world to build VRIO Resources
Learning: Racing
operations. critical mass (RBT)
for the world to
plug skill gaps

Enhance
Revenue
Co-
Access IOCL's market presence to (Transaction
Learning: Racing Specialization:
scale their operations in India and Value Theory);
for the world to Racing for the
secure a consistent customer Acquire
plug skill gaps world to reach
base. Knowledge
new markets
(Learning
Theory)
 Theoretical
Rationale
(Partners)

Enhance
Revenue
(Transaction
Value Theory),
Legitimacy
(Institutional
Theory)

Access to
Resources
(RDT);Enhance
Mutual Business
(Stakeholder
Theory)

Balancing
Competition &
Cooperation
(Game
Theory);Access
to Resources
(RDT); Minimize
cost(TCE)

Access to
Resources
(RDT);Enhance
Mutual Business
(Stakeholder
Theory)
Enhance
Revenue
(Transaction
Value Theory),
Strategic
Planning for
Alliance (SMT)

Legitimacy
(Institutional
Theory),
Enhance
Revenue
(Transaction
Value Theory)

Enhance
Revenue
(Transaction
Value Theory),
Strategic
Planning for
Alliance
(SMT) ;Access to
Resources (RDT)

Access to
Resources
(RDT) ;Enhance
Revenue
(Transaction
Value Theory)

Access to
Resources
(RDT) ;
Legitimacy
(Institutional
Theory);Enhance
Revenue
(Transaction
Value Theory)
Enhance
Revenue
(Transaction
Value Theory),
Access to
Resources (RDT)

Access to
Resources (RDT),
Enhance Mutual
Business
(Stakeholder
Theory)

Strategic
Planning for
Alliance
(SMT);Access to
Resources (RDT)

Remarks: This refinement highlights the mutual value creation foc

utual value creation focus: Lubrizol benefits from local market expertise (Learning), while the partner benefits fr
the partner benefits from product and market expansion opportunities (Co-Specialization).