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Centre Allows 7 Firms To Sell Auto Fuel; IMC Group, Reliance BP In The List

Enterprise

oi-Roshni Agarwal

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Following rest of guidelines in respect of authorization to market auto fuels within the 12 months 2019, as many as seven new firms have been given a go-ahead to promote gasoline within the nation. This transfer is more likely to enhance competitors within the petroleum sector.

Centre Allows 7 Firms To Sell Fuel; IMC Group, Reliance BP In The List

Centre Permits 7 Companies To Promote Auto Gasoline; IMC Group, Reliance BP In The Record

As per the Enterprise normal report, RIL’s Reliance BP Mobility Ltd (RBML) has acquired the approval after restructuring its petrol and chemical enterprise by the petroleum and pure fuel ministry.

Different firms’ embody the likes of Assam Fuel Firm and IMC group of Chennai. The previous has a community of underground pure fuel trunk and distribution pipelines that serves about 400+ tea factories, 1000 business set-ups, as many as 31,000 customers.

IMC Group is into the enterprise of liquid bulk in addition to dry cargo port-base terminals, operations in addition to upkeep companies.

The opposite firms’ which have acquired approval are Onsite Vitality, MK Agrotech and Manas Agro Industries and Infrastructure. The approvals have been granted based mostly on success of a number of the criterions together with minimal web value of Rs. 250 crore,

For licence for each retail in addition to bulk gross sales firms have to have a minimal web value of Rs. 500 crore. The foundations additional state that firms’ receiving retail authorization have to have a minimal of 100 shops, with 5% in rural areas inside 5 years of the approval.

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Story first revealed: Monday, July 19, 2021, 22:21 [IST]

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