Calcutta, March 2: Indian Oil Corporation (IOC), the largest public sector oil refining company in India, is adding Mauritius on its global footprint. Sources said the company is planning to set up an aviation refuelling station and a bulk storage terminal in Mauritius.
“The discussion is at an advanced stage and we hope the facilities will come up soon,” a senior IOC official said.
He further noted that the company may also set up a retail marketing network in Mauritius once both the countries approve it. The initial investment in Mauritius, it is said, would be around Rs 60 crore. “But more investment will be done as and when it is required,” the official said.
A team of senior executives is currently working on the project details and the recommendation will be made shortly, he added.
However, it could not be ascertained whether the investment in Mauritius would be made through a joint venture with a local partner.
IOC has also drawn up a comprehensive blueprint, which covers retail marketing, aviation fuel services and bulk storage terminal in Sri Lanka.
The oil major has formed a subsidiary — Lanka IOC Ltd — with 150 retail outlets. Twenty five of these outlets would be converted to meet IOC’s international standards before the end of the current fiscal and the rest by September.
The subsidiary has also decided to take over an additional 150-franchisee stations. IOC plans to operate over 250 petrol stations in Sri Lanka in the next two years. This will help the company corner over 30 per cent market share in the Sri Lankan oil sector. “Both Mauritius and Sri Lanka provide huge opportunities for growth and we are leaving no stone unturned to tap these,” he said.
The company is also eyeing opportunities in Nepal and Bangladesh.