Korba, Jan. 19: IBP, the Calcutta-based oil retailing company, is set to clock a turnover of Rs 10,000 crore this fiscal as compared with Rs 8,753 crore in 2002-03.

Managing director Arun Jyoti said the company has performed well vis-à-vis the industry growth.

“We are working hard for further consolidation in our growth strategy and we will definitely cross our turnover target this fiscal,” Jyoti said.

To jack up sales, the company had set up additional 523 retail outlets at an investment of Rs 450 crore in 2002-03.

This fiscal, IBP plans to add another 500 petrol pumps to its chain and take the total count to 2294.

Jyoti said a similar project is in the works for the next fiscal when another 500 petrol pumps would be added at an investment of Rs 400-500 crore.

“We have enough internal resources to invest in strengthening our retail network. Major investments will also be made to renovate the old petrol pumps,” he said.

IBP is also focusing on the sale of lubricants.

“We are waiting for the success of our bids for Tidewater Oil, which is in the divestment process. If we gain control in Tidewater, our strength in the lubricant market will increase phenomenally,” he said.

Explosives unit

IBP is looking at opportunities in sectors other than coal for its explosives business. Hiving off the explosive unit is “one of the proposals under consideration” but currently the focus is on consolidation and reduction in losses, Jyoti said.

Jyoti told a group of visiting reporters here that the explosives division, which enjoys a market share of 16 per cent in the country, had run into a bad patch due to the mushrooming small units in the unorganised sector.

The company is looking for new customers in the steel, cement and infrastructure sectors as also other non-coal sectors to improve margins.

Besides, IBP is in the process of exporting technology for explosives to countries like Jordon, Malaysia and Egypt, he said.