IOC to build non-fuel retail outlets

Indian Oil Corporation Ltd. (IOC) is planning to set up non-fuel retail outlets in 100 petrol stations in 2008. The company intends to set up the first prototype store in March 2008. IOC intends to set up 2,000 stores, with an investment of Rs200 crores (US$51 million) in the next five years. The company is planning to set up a special team of 120-125 people to take care of the new business. IOC is also planning to set up 20 fast-moving consumer goods and agro-products stores in the rural fuel outlets. The company has entered into tie-ups with Akbar Alis, Cafe Coffee Day and Nirulas for the food and beverage segment. (September 21, 2007)