Private players such as Reliance Industries and Essar owned by Russia’s Rosneft have tripled the number of petrol and diesel outlets in India in the last two years, and could double their market share by implementing their ongoing expansion plans, India Ratings said.
From practically nothing in 2014, private players including Shell and BP now account for over 6% of the total petrol and diesel sales in India.
They could easily double this over the coming quarters, going by their expansion plans, and this could pain to incumbents like Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation, the ratings agency said. Read More…
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