IOC to invest 295 crores in Bihar and Jharkhand during 2007-08

Patna, May 3 (UNI) The Indian Oil Corporation (IOC) today announced to invest Rs 295 crore for expanding its marketing infrastructure in Bihar and Jharkhand during the current fiscal.

After inaugurating the first fully automated Swagat retail outlet in Barauni, IOC Director (marketing) G C Dagga told newspersons here that under the proposed investment two new Indane LPG bottling plants would be set up at Muzaffarpur and Bhagalpur, 105 new retail outlets would be opened at different places, a new bitumen filling plant would be established at Barauni and consumer pumps would be opened at various places. He said new pipelines from Patna to Raxaul and from Raxaul to Amelkhunj would also be built at the cost of Rs 90 crores.

He said the IOC had invested Rs 37 crores in the marketing infrastructure in both Bihar and Jharkhand during 2006-07 and in the current fiscal the investement plan had been increased.

In refining and pipline it had invested Rs 65 crores and Rs 45 crores respectively during 2006-07.

He revealed that IOC recorded a growth of 5.7 per cent during 2006-07 with its wide range of initiatives including expansion into the rural market and consolidation of the brand portfolios.

Regarding oher activities he said the company has decided to invest Rs 1,800 crores in various marketing activities across the country during the current financial year.

UNI