fuel biz
IOC chalk-outs plan for non-fuel biz State-run refining company Indian Oil Corporation (IOC) is all set to try its hand in non-fuel retailing business, reports Business Line. IOC as a pilot project will establish prototype stores across its 100 fuel stations in North India in 2008. After studying the pilot launch, the company plans to invest Rs 2 billion in setting up 2,000 stores in next five years. Initially, the stores will sell food, beverages and groceries in regions such as Delhi, Punjab, Haryana, Uttar Pradesh and Rajasthan. The company, under the brand name of Kisan Seva Kendras in the North, will also set up 20 FMGC and agro-product stores in the rural fuel outlets. Shares of the company closed up Rs 10.00, or 2.56%, at Rs 400.05. The total volume of shares traded at the BSE was 545,864. (Thursday)
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The company already is into non-fuel business such as ATM, eateries, and other products, but this time the company has organized business model.
