Financial Daily from THE HINDU group of publications
Wednesday, Mar 10, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 10, 2004 |
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Corporate
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Outlook IOC gearing up to meet challenges Our Bureau
Mangalore , March 9 INDIAN Oil Corporation (IOC) Ltd is gearing up to meet the challenges to be posed by the entry of Oil and Natural Gas Corporation (ONGC) Ltd and Reliance Industries into retail segment from April 1, according to the Executive Director (Retail Development), Mr A.M. Nanjundan. He was delivering the keynote address at a convention of petrol bunk and kerosene dealers of Mangalore division of IOC here on Monday. Referring to the likely nature of competition, he said Essar has come forth to provide high-speed diesel at a discounted rate to the Bangalore Metropolitan Transport Corporation. IOC has to respond suitably to this situation. The entry of Reliance into the market can bring about a drastic change in the manner oil companies approach retail business, he said. The Government has directed the oil companies to evacuate around seven million tonnes per annum (MTPA) out of the 9.6-MTPA being produced by ONGC through its Mangalore Refinery and Petrochemicals Ltd plant here. With ONGC too entering the retail trade shortly, he said, IOC has come up with a series of retail development initiatives.
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