BPCL chairman and managing director Sarthak Behuria told UNI in Mumbai on Sunday that BPCL would invest Rs 1,500 crore (Rs 15 billion) every year for the next five years for floating joint ventures, modernisation, restructuring and brand building.
He, however, did not elaborate on these plans. He said that BPCL plans to open 600 to 700 outlets by next year.
BPCL will also match the prices of its petroleum products with that of the Reliance Group and Essar if they offer petroleum products at a lesser price.
The low cost assets and market driven price mechanism, determined by supply and demand, will fix the prices of BPCL's petroleum, he said. Reliance and Essar have obtained government nod for opening outlets and are planning to do so by 2004.
On the issue of BPCL's divestment, Behuria said that the road map of the divestment will be clear by the end of this month. Out of the total capital, 32.5 per cent will be given to the public, five per cent to the employees and the rest will be kept with the company, he said.
On the proposed strike of BPCL employees' unions opposing its divestment, Behuria said that the issue will be sorted out amicably. "A contingency plan will be chalked out to address the situation", he said.
Behuria said BPCL would be customer focused and retail business will be given more importance. He said that its retail outfits would be upgraded.
Special attention will be paid for the brand building of Bharat gas. BPCL will prepare a rate of all its products for the convenience of its customers, he added.
UNI
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