IBP Company Ltd will invest Rs 500 crore (Rs 5 billion) in setting up 500 fuel retail outlets during the next financial year, Arun Jyoti, managing director of the company, said in Korba (Chhattisgarh) on Monday.

Jyoti told reporters that IBP had been the fastest growing company in petroleum retailing in the country, registering higher than industry growth rates in motor spirit and HSD segments.

The company set up 400 retail outlets during last year at an expenditure of Rs 350 crore (Rs 3.50 billion), Jyoti said, adding the expansion was funded from internal resources.

IBP would file prospectus for its proposed IPO with the Securities and Exchange Board of India shortly and the issue was likely the hit the market by March 15. The issue would be jointly lead managed by Kotak Mahindra and ICICI Securities.

The central government has expressed its intent to offload the residual 26 per cent stake in IBP.