IBP Co Limited, an oil marketing PSU and subsidiary of the Indian Oil Corporation, will spend around Rs 450 crore (Rs 4.50 billion) in the current financial year to open 800 new retail outlets in the country.
Ashoke Datta, general manager (East), IBP, told reporters in Kolkata on Monday that the company, which enjoys only nine per cent market share in retailing in the country, will also upgrade the old ones at a cost of Rs 4.5 crore (Rs 45 million).
To boost retail trade expansion, the company is in the process of entering the tourism sector in a big way, Datta said, adding IBP had already entered into agreements with Andhra Pradesh and Kerala state governments.
He said that the company proposes to build resorts in tourist spots which would be given out to private parties on franchisee basis.
According to him, the company is also talking with the West Bengal government on similar lines for which a team will visit Bolpur shortly.
For this new venture, the company will spend nearly Rs 8 crore (Rs 80 million) in the current quarter of the financial year, he said.
Datta said that the company also planned to set up jubilee retail outlets with all modern facilities, including shopping mart, food station, bank and PCO.
He said that the company would also place special emphasis on development of premium grade fuel, marketing of duel additives and car care products.
For this purpose, IBP had already tied up with Valvoline Cummins for marketing car care products through their retail outlets.
