The Oil and Natural Gas Corporation is planning to increase its presence in retail marketing in a phased manner.
Since the launch of its first outlet under the brand name of ONGC Values Limited in Mangalore in March, the company is planning to open 14 more outlets by the end of the fiscal.
Over the next fiscal, the company plans to open a total of 45 outlets. Initially the company plans to open its outlets in Karnataka, Andhra Pradesh and Maharashtra due to the proximity of these locations to Mangalore Refinery and Petrochemicals Limited.
Subir Raha, chairman, ONGC, said that of a total capital expenditure of Rs 12,000 crore (Rs 120 billion) allocated for the fiscal, the budget for the retail plans would be only between Rs 25 crore (Rs 250 million) to Rs 26 crore (Rs 260 million).
He added that the exploration business requires ONGC to take on considerable risks on its balance sheet.
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