IOC puts on hold plans for Indonesian subsidiary

Indian Oil Corp. Ltd., which earlier announced plans to introduce its retail outlets in Indonesia via a fully owned subsidiary, said in January that it was putting its retail plans on hold. After evaluating the business prospects in Indonesia, we have decided to put on hold our plans to foray into that country’s retail sector till there is more clarity on deregulation plans there, a company spokesman said The government-owned company is willing to launch retail outlets in Indonesia by means of a fully owned subsidiary. For pursuing upcoming opportunities in Indonesia’s petroleum retailing industry, IOCL has already gotten the approval from its board so as to set up a fully owned subsidiary there. (January 15, 2007)