Stainless steel major and Indian Oil renew lubricants vendor managed inventory partnership for five years

The company and Indian Oil have renewed their Lubricants Vendor Managed Inventory (VMI) partnership for five more years.

Mon 5 Oct 2026

VMI Partnership Renewal Term

five more years

COLD Agreement Renewal Term

another 5 years

Annual Turnover

INR 42,955 crore (USD 4.86 billion) in FY26

Annual Melt Capacity

4.2 million tonnes

Manufacturing/Processing Facilities

16 stainless steel manufacturing and processing facilities in India and abroad

What has been announced

• The company and Indian Oil Corporation Limited (IOCL) have renewed their Lubricants Vendor Managed Inventory (VMI) partnership for a further period of five years.
• The renewal also covers the Consumer's Operated Lube Depot (COLD) agreement for another 5 years.
• A formal agreement signing ceremony was organised at the company's Hisar unit, attended by Executive Director, Northern Region & State Head, DSO, Indian Oil, Mr Hemant Rathore, and Unit Head - Hisar, Mr Vijay Bindlish.

What the two sides said

Managing Director Mr Abhyuday Jindal said the long-standing association with Indian Oil reflects the value of sustained collaboration between the two organisations with a shared focus on quality, reliability and technical excellence, and that the five-year renewal provides an opportunity to deepen engagement further and explore new avenues of technical cooperation.

Mr Hemant Rathore of Indian Oil said the COLD agreement renewal for another 5 years marks an important milestone in the association, and that in addition to lubricants, Indian Oil caters to the company's energy requirements through supplies of LDO, HSD, LSHS and Propane, besides SERVO lubricants.

What the arrangement covers

• Lubricants under a Vendor Managed Inventory (VMI) arrangement
• Consumer's Operated Lube Depot (COLD) agreement
• Energy supplies: LDO, HSD, LSHS and Propane
• SERVO lubricants for challenging applications

The release states that the extended arrangement reinforces the two organisations' commitment to sustained technical collaboration and reliable supply solutions as industry requirements continue to evolve.

Company snapshot given in the release

• Annual turnover of INR 42,955 crore (USD 4.86 billion) in FY26
• Annual melt capacity of 4.2 million tonnes
• 16 stainless steel manufacturing and processing facilities in India and abroad, including in Spain and Indonesia, and a worldwide network in 12 countries, as of March 2026
• In India, ten sales offices and six service centres, as of March 2026
• Product range includes stainless steel slabs, blooms, coils, plates, sheets, precision strips, wire rods, rebars, blade steel and coin blanks
• The company states it was founded in 1970 and manufactures stainless steel using electric arc furnace, a process it says significantly reduces greenhouse gas emissions and allows recyclability of scrap.

How to read this

This announcement is about the renewal of an existing supply and services arrangement with a public sector oil company, covering lubricants and, as described in the release, fuel and energy supplies. It points to continuity of a long-standing vendor relationship and to the operating inputs involved. The release also restates the company's turnover, melt capacity, facility footprint and product range.

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