IOC hires McKinsey for ‘structure, process, people’ study
By Our Corporate Bureau | 14 Jan 2003
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Chennai: Indian Oil Corporation (IOC) has appointed McKinsey for conducting a 'structure, process, people' study. The consultants will also advise IOC on strategy and resource optimisation across IOC's own seven refineries and the two refineries of its subsidiaries.
IOC chairman and managing director M S Ramachandran says McKinsey will also find a suitable technical consultant. Solomon Associates, UOP and Shell Global Consulting are among those that are being talked to.
IOC has alongside been working on a home-grown “yield optimisation“ exercise, the results of which are likely to be evident in the current year itself. Ramachandran says IOC expects to see benefits of a value of Rs 150 crore this year from yield optimisation, which is basically making products of higher value.
