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Home > Business > Business Headline > Report

IOC eyes $48 bn turnover by 2011-2012

BS Corporate Bureau in Mumbai | November 09, 2004 13:18 IST

Indian Oil Corporation, the country's largest state-owned refining and marketing oil company, has plans to be a $48 billion global integrated company by 2011-2012.

A M Uplenchwar, director (pipelines), said the corporation has plans to reach a turnover of $48 billion by 2011-2012. He was speaking at the sidelines of an one-day symposium on 'Integrated industrial automation technologies for global competitiveness' organised by the Automation Industry Association on Monday.

Uplenchwar is among the several candidates vying for the post of chairman and managing director of IOC. The other candidates being M B Lal, chairman and managing director of Hindustan Petroleum Corporation and Sarthak Behuria, CMD of Bharat Petroleum Corporation.

In his presentation, he pointed out that with competition hotting up in the downstream segment it may not be easy for the corporation to maintain a market share of 55 per cent, but was focusing on growth volumes.

IOC has already automated several plants and processes at its refineries and was now into automation of its retail business.

"Depending upon the needs, usually the corporation spends 5-8 per cent on automation in refinery processes," he added.

IOC has called in fresh bids for automation of over 1,250 retail outlets across the country. The proposed expenditure earmarked for automation of these retail outlets is Rs 150 crore (Rs 1.50 billion).

"The new tender has revised specifications and the bid will be awarded for 100 retail outlets. If the automation is to our specification and satisfaction then it will be extended to the remaining retail outlets," Uplenchwar explained.

Meanwhile, the board of Petronet India Ltd (PIL), which is meeting sometime end-November, has decided to wind up the company by March 2005.

Petronet India Ltd (PIL), a financial holding company was formed in 1997 to set up pipelines was promoters by three oil companies - IOC, HPCL and BPCL.

These promoters have decided to exit and have roped in I-Sec as consultants to either find ' a buyer or provide them (promoters) with an option to wrap up the company," Uplenchwar pointed out.

Earlier in his keynote address, Kapil Sibal, union minister for science and technology, stressed the role of the manufacturing sector in India's economic growth, underlining the need for Indian industry to adopt best-in-class automation technologies, as the country integrates into the world economy and becomes a global force to reckon with.

Other speakers at the symposium were Arun Chandavarkar, president , operations and technology, Biocon, JJ Irani, director Tata Sons, HS Kohli executive director of Reliance Industries, Rakesh Verma, cheif engineer, south asia region, Nestle India and Andy Chatha, ARC Advisory Group (Boston).

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