IOC prepares action plan to battle retail competition


IOC prepares action plan to battle retail competition

In the wake of a slew of government measures to attract more private players in the oil and gas retail segment, state-run Indian Oil Corp (IOC) is preparing an action plan to confront the “challenging times ahead”. The possible action points, according to internal company documents, include reviewing its refinery expansion plans, monetising existing infrastructure, manpower restructuring and tie-ups with supermarket chains for setting up fuelling facilities at their stores.

The Cabinet Committee on Economic Affairs in October relaxed the norms for firms to open fuel retail outlets, effectively paving the way for more private companies, both foreign and domestic, to enter this business domain. According to an internal note circulated among IOC top brass, which FE has accessed Read More

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