Yes. Indian oil is displaced by Reliance Industries (RIL). RIL is now to be known as the country's biggest oil refining company by revenue. By overtaking Indian oil, the public sector refiner, RIL has managed to achieve revenue, profit, and market capitalisation.

Net revenue of RIL showed an upward trend to approx. by 44.8% in FY19 to around Rs 5.67 lakh crore. The company witnessed a good boost in growth too.
Mukesh Ambani says after the RIL quarter 4 results, that the company is focusing on the service and customer satisfaction. Stocks of RIL surged over 7.6 %.