Thursday, Dec 09, 2004
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By Our Staff Reporter
CHENNAI, DEC. 8. Hindustan Petroleum Corporation's strategy of securing the land and infrastructure of its petrol pumps against possible takeover by new entrants into oil retailing has paid-off. The oil marketing major, said S. P. Chaudhry, Executive Director-Retail, had been able to covert 78 per cent of its 6,200 petrol pumps `company-controlled,' essentially by opting for a long-term lease of the land and infrastructure. It also included 10 per cent of the outlets, whose land and infrastructure belonged to the company. Mr. Chaudhry, speaking to presspersons at the all-India launch of `Drivesmart,' a smart card for fleet operators, here on Monday, said, there were plans to increase the company-controlled outlet by 2 per cent.
Co-branded card
Apart from ensuring cash-less transactions, the co-branded card of HPCL and the ICICI Bank offered a combination of interest-free credit up to 21 days, helped in effective fleet management, convenience in payment, security and web-based vehicle tracking. Payment of toll charges was another application for which the card could be used in future. The company, he added, was also employing a multi-pronged strategy to meet the challenges posed by the drop in average per pump throughput. It included re-sitement of the petrol pumps to place with better potential, roping in a finance partner, modernisation and upgradation of the petrol pumps and termination. Stating that the interest-free credit offered by `Drivesmart' would help fleet owners reduce the cost of doing business, V. Vaidyanathan, Head-Retail Banking of ICICI Bank, said the bank had 2.6 million credit and six million debit cards. The total retail portfolio of ICICI Bank up to September-end was Rs. 40,000 crores, of which Rs. 22,000 crores was home loans.
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