Delhi-based startup fuel retail firm, Indo Petroleum Marketing (IPM), announced its grand plans to establish 100 fuel stations across India in the next five years, commencing its operations in Assam. The company now has Rs 250 crore in the bank to help it grow and offer more types of fuel.
The founder of IPM, Gyan Prakash Sharma, said they plan to open 100 outlets in the first five years. This makes IPM the first authorized startup private Oil Marketing Company approved by the Petroleum and Natural Gas Ministry to start working.
To kickstart its venture, IPM will inaugurate five retail outlets in remote areas of Assam within the next two years, with the first one scheduled for Jorhat district. Sharma mentioned that the company is working together with the Assam government to find good places for their new stores.
In a significant move, IPM has inked an agreement with the state PSU Numaligarh Refineries Ltd (NRL), making it the first oil supplier in the country to sign a fuel sale/purchase pact with newly approved private OMCs. The company plans to open 25 stores in Assam and North West Bengal in the next 2-3 years, which will help the local economy grow.
Sumit Bagchi, the marketing head at IPM, highlighted that they will sell regular fuels like petrol and diesel. If possible, they will also sell CNG or biofuels. The company wants to help eco-friendly transportation by putting electric vehicle charging points in all their petrol pumps.
With each outlet providing direct employment to around 20 people, IPM seeks to create numerous job opportunities for the youth. Bagchi finished by saying the company cares about making things easy for customers and wants to create nice places for them and their vehicles. As IPM starts working in the fuel retail sector, they want to do it in a way that helps the environment and supports economic growth.
