CURRENT AFFAIRS

Detailed explanation-1: -The Indian Oil Corporation (IOC) has launched a new initiative-Prayaas-to address the needs of the local communities near its fuel stations.

Detailed explanation-2: -PRAYAS (Initiatives in Health, Energy, Learning and Parenthood) is a non-governmental, non-profit organization based in Pune, India. Members of Prayas are professionals working to protect and promote public interest in general and the interests of disadvantaged sections of society in particular.

Detailed explanation-3: -It is a public sector undertaking whose operations are overseen by the Ministry of Petroleum and Natural Gas. Indian Oil is ranked 142nd on the Fortune Global 500 list of the world’s biggest corporations as of 2022.

Detailed explanation-4: -IndianOil was declared winner of the coveted National Award-2022 under the category “Successful Commercialization of Indigenous Technology” for commercialization of Octamax® Technology. The recognition carries a cash award of Rs. 25 Lakhs and a trophy.

Detailed explanation-5: -Disinvestment in IOC The government currently holds 51.5 percent stake in the IOC, while the 25.9 per cent stakes are with LIC and Oil and Natural Gas Corporation (ONGC).