World's third largest oil firm Royal Dutch/Shell has formally applied for a licence to sell petrol and diesel in India saying it has completed the pre-requisite investment of Rs 2,000 crore (Rs 20 billion) in oil infrastructure in the country.
Shell was earlier granted a conditional licence to sell petrol and diesel and had to either furnish a bank guarantee of Rs 500 crore (Rs 5 billion) or show on ground an investment of Rs 2,000 crore (Rs 20 billion) in oil infrastructure to begin transport fuel retailing.
"The company last week wrote to the petroleum ministry saying it had invested more than Rs 2,000 crore (Rs 20 billion) in constructing its 2.5 million tonnes LNG import and regassification terminal at Hazira in Gujarat and so should be granted the marketing rights for sale of transportation fuels through 2,000 petrol pumps," sources said.
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