Financial Daily from THE HINDU group of publications
Thursday, Oct 21, 2004
Financial Daily from THE HINDU group of publications Thursday, Oct 21, 2004 |
||
|
|
||
|
Corporate
-
Announcements Marketing - Promotions & Offers IOC, JK Tyres ink pact for customer loyalty schemes Our Bureau
New Delhi , Oct. 20 INDIAN Oil Corporation (IOC) on Wednesday inked a memorandum of understanding (MoU) with tyre manufacturer, JK Industries to further improve the benefits available under the oil major's loyalty programme for customers. Indian Oil's customer loyalty programme has two card-based offerings - XTRA Power and XTRA Rewards. While the XTRA Power is a smart card based loyalty programme for fleet owners, XTRA Rewards is a loyalty programme that rewards customers purchasing fuel and lubricants on cash from select outlets. The Chairman of IOC, Mr M.S. Ramachandran, told newspersons here that Indian Oil is aspiring to build the largest loyalty programme in India. "We want to bring leading names in different industry segments like JK Tyres together and offer value added proposition to customers," he said. Mr Raghupati Singhania, Vice-Chairman and Managing Director, J.K. Industries, said that the whole idea behind the partnership is to add to the convenience of the purchaser of fuel, lubricants and tyres. "These three items account for 85 per cent of operating cost of a vehicle. We are also looking forward to further strengthen our relationship with Indian Oil," Mr Singhania said. With the signing of the MoU, the XTRA Power customers will earn reward points every time they purchase JK tyres, tubes and flaps, which they can redeem for fuel, gifts and other value added services. Asked to comment on the crude prices, the IOC Chairman held that the international prices would be volatile. "US sweet crude may well be above $50 per barrel for the near future," he said. Mr Ramachandran also said that the refining margins of domestic companies would be "robust in the third quarter".
More Stories on : Announcements | Promotions & Offers | Petroleum | Tyres
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|