State-run Indian Oil Corporation (IOC) has asked for a 50:50 partnership with Reliance Industries (RIL) to operate the private firms closed 1,432 petrol pumps.
According to industry sources, besides IOC, Royal Dutch Shell too is thought to have showed interest to revive the petrol pumps.
As part of a two part bid process RIL had sought Expression of Interest (EoI) from IOC, Shell, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) by today for a possible partnership for reopening the petrol pumps.
The company will launch a data room and interested parties will now do due diligence before making a firm financial proposal, based on which billionaire Mukesh Ambanis firm will choose a partner.
Sources informed that while RIL had wanted the retailers to select between 26, 50 and 74 per cent equity stake they would like in the proposed joint venture company that would be set up with the hived-off pumps, IOC had preferred equal partnership.
IOC, sources said that it can get atleast 2 million tonnes of additional sales through the pumps considering the fact that the RILs pumps would eat into volumes of the three retailers - IOC, BPCL and HPCL - in proportion to their current share of 50:25:25, respectively.
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