India’s biggest private fuel retailer, plans to expand its network of petrol pumps by one-fourth to 7,300 in the next 1-2 years before hitting a pause button to assess demand, its Chief Executive Officer B Anand said.
Speaking at the India Energy Forum of CERAWeek, he said the company, which owns and operates an oil refinery with a capacity of 20 million tonnes a year at Vadinar in Gujarat, is looking at venturing into petrochemicals to buffer margins.
The Russian oil giant Rosneft-backed firm has about 5,800 petrol pumps across the country now, which it plans to expand to 7,300 in a year or two before “taking a pause and looking at how the Indian consumer story grows”, he said.
Rosneft and its partners in August 2017 bought Essar Oil for USD 12.9 billion and later renamed the company Nayara Energy. Nayara uses a franchisee-owned franchisee-operated model, whereby the franchisee leases land to the company for a period of 30 years and, thereafter, invests in setting up the infrastructure for the outlet.