IBP to invest Rs 450 crore for 300 outlets
By Praveen Chandran | 11 Jun 2002
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Mumbai: IBP, the Kolkata-based petroleum marketing company, will invest Rs 450 crore to set up around 300 new retail outlets in the current financial year.
IBP managing director Arun Jyoti says: "We have plans to set up 300 outlets over the year across India and are awaiting approval from our parent, Indian Oil Corporation, in this regard. These new outlets will be on the Golden Quadrilateral, the new national highway project."
The company has also lined up several plans to enhance its presence in India in the new free-market rule with several initiatives on the cards, says Jyoti. "Currently, IBP enjoys a throughput level of 186 kilolitre of diesel and 42 kl of petrol per month per retail outlet; it is the highest among all the existing petroleum companies."
Other than petroleum products like diesel, petrol and lubricants, IBP now plans to enter the highly competitive sector of industrial supplies of bitumen and furnace oil, among others. Jyoti says after being acquired by IOC, the petroleum company has been more bullish about its prospects in the retail sector.
"IBP is synergising with IOC and despite it being our parent, competition in the retail sector will continue," he says. On IBP's chemical and engineering divisions, the MD says the company has sought a board approval for reviving the chemicals division. "We have already appointed Ernst & Young for the revival of the engineering division and a report is awaited by next month-end."
A Rs 8,500-crore company, IBP recently became a part of IOC and has been in retail marketing for almost a century. It operates 1,559 retail outlets, 59 LPG dealerships and 376 kerosene dealerships all over the country.
In the meantime, IBP and Cummins Auto Services, a commercial vehicle solution provider, signed an agreement to form a strategic alliance. The agreement provides for the two companies to work together to develop India's first integrated, nationwide, on-highway 'full-service truck stops.'
The alliance is expected to offer a comprehensive solution for commercial fleet-owners at co-branded locations. The two companies will jointly establish these truck stops across key Indian highways.
IBP managing director Arun Jyoti says: "We have plans to set up 300 outlets over the year across India and are awaiting approval from our parent, Indian Oil Corporation, in this regard. These new outlets will be on the Golden Quadrilateral, the new national highway project."
The company has also lined up several plans to enhance its presence in India in the new free-market rule with several initiatives on the cards, says Jyoti. "Currently, IBP enjoys a throughput level of 186 kilolitre of diesel and 42 kl of petrol per month per retail outlet; it is the highest among all the existing petroleum companies."
Other than petroleum products like diesel, petrol and lubricants, IBP now plans to enter the highly competitive sector of industrial supplies of bitumen and furnace oil, among others. Jyoti says after being acquired by IOC, the petroleum company has been more bullish about its prospects in the retail sector.
"IBP is synergising with IOC and despite it being our parent, competition in the retail sector will continue," he says. On IBP's chemical and engineering divisions, the MD says the company has sought a board approval for reviving the chemicals division. "We have already appointed Ernst & Young for the revival of the engineering division and a report is awaited by next month-end."
A Rs 8,500-crore company, IBP recently became a part of IOC and has been in retail marketing for almost a century. It operates 1,559 retail outlets, 59 LPG dealerships and 376 kerosene dealerships all over the country.
In the meantime, IBP and Cummins Auto Services, a commercial vehicle solution provider, signed an agreement to form a strategic alliance. The agreement provides for the two companies to work together to develop India's first integrated, nationwide, on-highway 'full-service truck stops.'
The alliance is expected to offer a comprehensive solution for commercial fleet-owners at co-branded locations. The two companies will jointly establish these truck stops across key Indian highways.
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