Startup IPM to set up 100 fuel outlets; to start from Assam

Guwahati: Startup fuel retail firm Indo Petroleum Marketing (IPM) on Thursday said it will set up 100 fuel stations across the country within the next five years while starting its business from Assam.

The Delhi-based company has already generated a net worth of Rs 250 crore to roll out its network to sell different types of fuel in the country.

"IPM will set up retail outlets or petrol pumps across the country to undertake fuel sales to the public. In the first phase, we will set up 100 outlets within five years," IPM Founder Gyan Prakash Sharma told PTI here.

He said that the firm is the first Petroleum and Natural Gas Ministry-authorised startup private Oil Marketing Company (OMC) to commence operations on the ground.

"To begin our journey, we will start from Assam. We plan to set up five retail outlets in remote areas within the next two years. The first outlet will come up in Jorhat district," Sharma said.

The company has already discussed its plans with the Assam government, which has advised the districts to look into the possibility of making available suitable sites for setting up the retail outlets, he added.

"We also signed an agreement with the state PSU Numaligarh Refineries Ltd (NRL), which became the first oil supplier in the country to sign fuel sale/purchase pact with such newly approved private OMCs," the founder stressed.

He said the company aims to have 25 outlets in Assam and North West Bengal over the next 2-3 years.

Sharma further said around 20 people will have direct employment in each outlet, thereby creating a considerable number of jobs for the youth.

Talking about the types of fuel to be available in the outlets, IPM Marketing Head Sumit Bagchi said:, "All conventional fuels like petrol and diesel will be sold. Wherever available, we will sell CNG or biofuels also."

"All the petrol pumps will be equipped with electric vehicle charging points in order to support environment-friendly transportation," he added.

"Apart from energy options, the IPM outlets are proposed to be equipped with customer convenience options so that a visit to the facility is expected to rejuvenate both man and machine," Bagchi said.

On fuel sourcing for its outlets, he said that as per the government norms, the company has two options, purchase it from the public sector undertaking refiners and import.