IOC eyeing Indonesian retail fuel market

Indian Oil Corp (IOC) is now gearing up to enter new retail turf in Indonesia, India's Times News Network reported on Saturday.

The company that has been planning to expand its retail and refinery business in growing markets is looking at Indonesia as a possible Asian destination, given the high growth rate of the petro market.

IOC recently sent a high-level delegation to Jakarta to discuss possible tieups and takeover opportunities. It is hoping to partner a local company while entering the retail market.

Sources in the investment banking circles said that IOC was also examining a proposal to take over a petrochemicals plant. ?However, discussions haven?t moved ahead as there are debt-structuring problems,? a source said.(*)