Bharat Petroleum Corporation Ltd, the second largest oil marketing company in India, on Wednesday said it would be pumping in Rs 450 crore (Rs 4.5 billion) for retail expansion during this fiscal.
The company will be increasing its retail network to over 7000 outlets this year from the present 6500 plus across the country.
BPCL also plans to increase the number of In & Out convenience stores network to over 500 from the present 280 in 130 cities to meet changing customer lifestyles and is also attracted by the rapid growth of organised retailing in India.
Addressing a group of reporters after launching Speed 97, the fourth variant of its branded fuel and In & Out Card, the director (marketing), BPCL, S Radhakrishnan said the company was targetting sales of over Rs 100 crore (Rs 1 billion) from In & Out stores by this year end, as against Rs 70 crore (Rs 700 million) last year.
As an additional value proposition, the company is also looking at offering vehicle care and other services in its outlets. It has already made pilot launches under the name V-care. It is planning to offer this service in 26 outlets in the South and about 75 retail outlets of BPCL across the country during this year.
Speed 97, which is a blend of high-octane petrol specially designed for components, has been priced at Rs 55 per litre.
Branded fuel accounts for about 11 per cent of the company's total fuel sales.