Indo Petroleum Marketing (IPM), a Delhi-based start-up company, has announced its plans to set up 100 fuel retail outlets across India in the next five years, starting from Assam. The company has been granted transportation fuel retail marketing authorization by the Ministry of Petroleum and Natural Gas of the Government of India under its revised policy for granting transportation fuel marketing authorization to private entities (including start-ups) .
First Start-Up Private Oil Marketing Company
IPM is the first start-up private Oil Marketing Company (OMC) to commence operations on the ground. The 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 founder Gyan Prakash Sharma said, “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” .
Starting from Assam
The company has chosen Assam as its launchpad for its business expansion. Sharma said, “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” . 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 . The company aims to have 25 outlets in Assam and North West Bengal over the next 2-3 years . It also plans to expand into Arunachal Pradesh and Meghalaya shortly .
Fuel Supply Agreement with NRL
IPM has signed an agreement with the state PSU Numaligarh Refineries Ltd (NRL), which became the first oil supplier in the country to sign a fuel sale/purchase pact with such newly approved private OMCs . The agreement will facilitate easy fuel transportation and availability for IPM’s outlets in Assam and nearby regions.
Offering Multiple Fuel Options and EV Charging Points
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 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” .
Creating Employment Opportunities
Sharma further said around 20 people will have direct employment in each outlet, thereby creating a considerable number of jobs for the youth . The company also plans to train and empower local entrepreneurs to run its outlets as franchisees.