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Oil major Indian Oil Corporation (IOC) may phase out IBP brand after a yearBy Sumit Kumar, Section News
Oil major Indian Oil Corporation (IOC) has decided to retain the IBP brand for a year after which the company may phase it out.
According to GC Daga, IOC director, marketing, "We will retain the brand name for the time being. After one year we will take a view on the issue, depending on the brand strength." This is the first time that IOC has indicated that it may do away with the IBP brand. The boards of IOC and IBP had passed a merger proposal of these two companies in June 2006, but it is yet to be approved by the Company Law Board. Daga said the operation synergy between the companies has started. During the inauguration of the first automated petrol station in the eastern region, Daga said the company is planning to automate 1,000 stations in the current financial year. IOC has earmarked Rs 160 crore for this first phase of automation.
The company also plans to automate another 1,000 stations, having sales volume of 200 klpm (kilolitre per month), within the first quarter of the next fiscal.
The oil major has also decided on an investment of Rs 2000 crore for opening new retail outlets in the next few years. Regarding oil ministry's directive of blending of 5 per cent ethanol in petrol, Daga said the company is in talks with various state governments, such as Rajasthan and West Bengal, on the high levy of interstate tax as it becomes a non-viable proposition for IOC. The company may come out with exclusive auto LPG dispensing stations apart from putting up such units in IOC's existing stations. Currently about 100 petrol stations are having such dispensing units, said Daga. (Source-Indian Express,28/12/06)
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