Indian Oil Corporation have bid for 10 Shell India's retail outlets

Essar and IOC bid for Shell outlets


24 Aug 2010 PETROLEUM BAZAAR

Essar Oil and state run Indian Oil Corporation have bid for around five and 10 of Shell India's retail outlets respectively. Bharat Petroleum Corporation Ltd is negotiating to bid for nine outlets.



Shell India, the domestic arm of Royal Dutch Shell Plc, had offered for sale 20 of its 80 operational retail outlets and around 20 sites acquired earlier for setting up such outlets. The only foreign petro retailer in the country, it has approached oil marketing companies, public and private, on this.



However, despite repeated attempts, Shell India could not be asked to confirm the development. A Shell India official had earlier told Business Standard the company was constantly reviewing retail strategy and would continue to build a desired network of retail chains.



The executive added that "While we are selling in some areas, we are also acquiring in other regions to scale up.” Essar Oil said the company had given its bid and a decision was likely by this month end. It may bag around five retail fuel outlets. Courtesy: STEEL GURU

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