Date:18/02/2004 URL: http://www.thehindubusinessline.com/2004/02/18/stories/2004021802480500.htm

Back Reliance to put up 350 petrol pumps by March

Our Bureau

Mumbai , Feb. 17

RELIANCE Industries Ltd will have lined up 350 petrol pumps and seven terminals across India by next month, said Mr Mukesh Ambani, Chairman and Managing Director, RIL, here today.

"We are ready with our retail outlets. By March we will put up 350 retail outlets to which we will add 150 every month. We will meet our target of 1,500 retail outlets by the end of 2005," Mr Ambani told reporters.

The company plans to "unveil" seven wholesale terminals in the second half of March, he said. Reliance has permission to set up 5,849 retail outlets across the country.

Only around three or four Reliance outlets are functional at the moment. These, said Mr Ambani, are being used to train its staff.

He was speaking at a press briefing on IPCL's upcoming public issue.

The Reliance group has planned capital expenditure of up to Rs 350 crore for IPCL over the next four years. The investments will be made through internal accruals, said Mr Kamal Nanavati, Director, IPCL.

The Reliance group will focus on China and the rest of Asia where it has already set up new offices, for exports of petrochemicals. It will then look at the European and North American markets, Mr Ambani said.