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IOC prepares for deregulation, ventures overseas - Views on News from Equitymaster
 
 
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  • Mar 14, 2000

    IOC prepares for deregulation, ventures overseas

    The Indian Oil Corporation (IOC) has earmarked an investment of $ 12 million for a full–fledged oil company in Mauritius, which will comprise a port terminal, service stations, consumer outlets etc.

    IOC is India's largest company. It dominates the oil sector with a refining capacity of almost 32 million tonnes and a 55% market share. Its distribution network includes 6,779 petrol pumps, 3423 dealers and 2902 LPG distributors.

    IOC had expansion plans ranging over 600 bn over the next decade. While domestic refining capacity would be increased to 88 million tonnes (from a level of 32 million tonnes) the overseas expansion could help the company gain experience in investing abroad.

    However, it would have made more sense if the company had made investments in upstream in exploration and production companies or taken a stake in crude oil fields since that would have helped the company source crude or at least gain from the rise in crude oil prices.

    It is quite possible that the company could be diversifying its presence across markets so that as and when the Indian market is deregulated the company would have the experience of tackling global majors in international markets.

    Market View:
    Most analysts have rated IOC as hold primarily due to its plans to issue further equity and get its stock listed on the New York Stock Exchange. Besides, the impact of the higher crude prices could impact its bottomline growth in the next quarter.

     

     

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