IBP divestment by January 2001

Kochi: The divestment of IBP will be completed by January 2002, according to its executive director B B Vohra. The new owners will assume charge in January and decide the future course of action.

At present, the government is holding a 59-per cent stake in the company and is planning to disinvest 33 per cent by retaining 26 per cent. IBP had a turnover of Rs 8,000 crore last year, and the net profit for the last fiscal was Rs 54 crore. Thirteen companies had shown interest in buying IBP shares.

Vohra said IBP is planning to distribute automobile LPG in Kerala by next year. We have 34 LPG distribution centres spread across the country. Initially, LPG will be distributed through four IBP petrol pumps in Kerala on an experimental basis. IBP, which has 45 petrol pumps in Kerala, also plans to construct a strorage terminal at Irumpanam, Kochi, by investing Rs 25 crore.

He said IBP has successfully introduced highway clubs, covering all the main highways. Highway clubs are upgraded petrol pumps with multiple facilities and all IBP petrol bunks on the highways are connected with these clubs. Truckers will get all the facilities like doctor-on-call, telephone massage-dropping facility and truck repairing from these clubs.

IBP, which has 1,550 retail outlets all over India, recently ventured into the area of LPG marketing and is presently marketing LPG in bulk cylinders. IBP had launched IOCs Servo Brand of lubricants in 1972 and it continued to promote and market Servo lubricants till 1989.