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IOC to buy BP equity in Singapore and Malaysia operations
New Delhi, Feb 01: Indian Oil Corporation (IOC) has expressed its intention to buy the entire stake of British Petroleum`s retail operations in Singapore and Malaysia at a cost of more than Rs 200 crore.
New Delhi, Feb 01: Indian Oil Corporation (IOC) has expressed its intention to buy the entire stake of British Petroleum's retail operations in Singapore and Malaysia at a cost of more than Rs 200 crore.
The board of IOC has approved the proposal to bid for buying the stake of BP in both countries, which is running a chain of retail outlets as well as terminals at different locations.
M S Ramachandran, chairman-and-managing director of the IOC, told mediapersons that the purchasing of BP equity in both companies will require cabinet approval.
Bureau Report