The Indian Oil Corporation is looking for new projects to improve its revenue from non-fuel operations. The company is offering rental space at its outlets for non-fuel business activities.
About 70 per cent of the 772 outlets of the company in Kerala have space to facilitate non-fuel operations. A few convenience stores and ATMs of various banks are functioning at some of the outlets now. The company is keen on expanding such activities to all those outlets where additional space is available, according to its officials.
The Kochi division of the company, consisting of Ernakulam, Alappuzha, Idukki, Thrissur and Palakkad districts, could earn a non-fuel revenue of Rs.40 lakh last year. About 20 ATMs are operating at various outlets in the division. Three convenience stores are also functioning in different locations. The non-fuel revenue of the company from the entire State was Rs.70 lakh.
The initiative to tap the potential of available space in outlets is part of a countrywide programme.
One of the company outlets in Thrissur accommodates a restaurant. Another outlet at Nedumbasserry, which has space for similar business activity, is being utilised as a training centre for fuel pump personnel. IOC has outlets at prime locations along the highways and the available space could be modified to suit the convenience of prospective business operators, a top official of the company told The Hindu .
The non-fuel operations of retail oil companies contribute about 30 per cent of their revenue in certain foreign countries. Though such prospects are not envisaged in India, sustained efforts could achieve better results, the officials said.
Other petroleum marketing companies in the public sector such as the Hindustan Petroleum Corporation Limited and the Bharat Petroleum Corporation Limited are also interested in increasing the revenue from non-fuel operations, according to sources.
