IndianOil has not renewed contracts with cricketers Irfan Pathan, Anil Kumble and Yuvraj Singh as it cuts down on its branding bill by over 50 per cent this year compared to a year ago. “Right now we do not have any cricketers as brand ambassadors,” said a company spokesperson.
The company is also reducing spending on advertisements as it goes through a financial crisis that has resulted in profits plunging by over 71 per cent in the first quarter of this financial year.
The company is only advertising its petrol, diesel and lubricants through hoardings at its over 18,000 retail outlets across the country. “The large number of retail outlets gives us a huge opportunity,” the spokesperson said.
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