Shell India is the second private sector petroleum company to review its expansion plans in India. The company has decided not to open any more petroleum outlets. The company has also asked some of its employees to start looking for another job. Shell has 50 petrol pumps across the country and has a licence to open 2,000 pumps.
"The tie-up with the ASE could either be an equity partnership or a technology tie-up, or both. The regulatory bodies have to clear the proposal and we also need approval from our members first," a top ASE official said on conditions of anonymity.
ASE Capital Markets, a subsidiary of The Ahmedabad Stock Exchange, the second oldest bourse in India, is selling a part of its holding in the Bombay Stock Exchange -- the second time in less than 12 months.
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