To hold on to their market monopoly against the aggressive expansion of private fuel retailers like Nayara Energy and Reliance Industries, state-run oil marketing companies (OMCs) are set to more than double their retail outlets in the next three years. This is likely to see an investment of about Rs 80,000-90,000 crore in the sector.
The three OMCs — Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) — have got bids for 95 per cent of the 78,493 sites they had offered late last year for new retail outlets. The three companies put together got