Business Services Industry
INDIA: IOC PLANS TO INVEST US$91.8 MILLION INTO RETAILING.(Brief Article)(Statistical Data Included)
IPR Strategic Business Information Database, May, 2002
Indian Oil Corporation (IOC), the largest commercial enterprise in India, has decided to invest about 4.5 billion rupees (US$91.8 million) into retailing during the current fiscal year. IOC recently acquired IBP Ltd, the oil retailing company, which gave IOC 1,500 retail outlets. IOC spent over 11 billion rupees (US$224.5 million) in acquiring the 33.58% government stake in IBP, according to The Financial Express.
IOC now has a total of 9,088 retail outlets in India. IOC plans to set up 500 retail outlets during the 2002-03 fiscal year, compared to the 300 set up in 2001-02. IOC specializes in oil and gas refining and is controlled by the Indian Ministry of Petroleum and Natural Gas. The company is the largest Indian commercial enterprise in terms of sales...
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