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R.Y. Narayanan

Coimbatore , Oct. 4

INDIAN Oil Corporation is consciously involved in a brand building exercise and wants to become an FMCG company, according to Dr N.G. Kannan, Director (Marketing).

Speaking to newsmen in Coimbatore on Saturday, Dr Kannan, said IOC, which has a market share of around 55 per cent in the petroleum sector, has adopted a focussed approach to reach out to the highway travellers (mainly truckers), the urban consumers and those in the rural areas.

It plans to invest around Rs 1,600 crore before the end of March next for its retail initiatives. A part of this is the establishment 113 petroleum retail outlets on important highways across the country. To be known as `Swagat', nine outlets will be in Tamil Nadu - three of these in Perundurai, Ulundurpet and Namakkal are ready for commissioning.

Nearly 1,000 `XtraCare' outlets are to be opened in the urban centres before March 2005. IOC has finalised the design, logo and the colour scheme and the materials for giving a facelift to the retail outlets have also been imported. Dr Kannan said IOC would spend more than Rs 200 crore for the automation of the Swagat and XtraCare outlets for curbing adulteration. The fuel will be handled in a closed system and quantity and quality of fuel will be monitored.

On a trial basis, more than 600 trucks have been provided with truck tracking systems and the scheme will be implemented in association with BSNL and e-Logistics, which will help truck operators to deploy their fleet more efficiently.

Dr Kannan said the pressure on the price front is a "temporary phenomenon." He hoped that the Government would allow revision of diesel price by around October 15. Dr Kannan said oil companies lost Rs 110 for every LPG cylinder supplied due to the difference in cost price and retail price. The oil companies have sought an upward revision of cylinder deposits and an increase in the compensation for LPG and kerosene sale.

IOC is purchasing 1.37 crore new LPG cylinders and the issue of cylinder shortage is being sorted out.

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