IOC taps rural markets

In an effort to tap the potential of rural India and expand business opportunities, Indian Oil Corporation (IOC) has decided to give a big thrust to the Kisan Sewa Kendra scheme for setting up low-cost petrol pumps in rural areas. IOC Chairman Sarthak Behuria said the company has decided to tap the huge potential in rural areas, as business potential in urban areas reach a saturation point with increased competition from the private sector. So far, more than 600 pumps have been opened under the scheme. Behuria said the company has also tied-up with a retail store, Top Gear, to open a petrol pump in its premises. Similarly, he said the company was in the process of entering into tie-ups with leading shopping mall chains, including Pantaloons and Ansals, for opening retail outlets in their premises to allow consumers access to petroleum products. Behuria said IOC was also looking at expanding business in the non-fuel retail sector. (April 8, 2007)