IndianOil Mauritius profit down 7%

IndianOil Mauritius Ltd has made presented a proposal to the Government of Mauritius for the installation of a jet fuel delivery pipeline to connect Mer Rouge to the Sir Seewoosagur Ramgoolam International Airport.

This information was given by Shailendra Mital, managing director of IndianOil (Mauritius) Ltd at the Intercontinental, Balaclava on Wednesday.

Mital remitted a cheque of Rs 1.5 million to Club Maurice for the forthcoming Indian Islands Ocean Games to be held in Seychelles in August. IndianOil is one of the major sponsors of the games.

Mital said that the pros and cons of the Rs 830 million pipeline project are currently being studied by the Mauritian authorities and they are waiting for approval to proceed.

Sponsoring Club Maurice falls under the IndianOil’s corporate social responsibility (CSR) programme. The minister of Youth and Sports Devanand Ritoo stated that such a contribution goes a long way in helping the government develop sports in the country.

“We have already met the target of Rs 10 million. This is due to the support we received from private companies like IndianOil,” he added.

Giandev Moteea, chairperson of Club Maurice recalled that the club was set up in 2009 by minister Ritoo.

He added, “Club Maurice is committed to promoting team spirit and fair play among athletes and winning maximum medals.”

Speaking about its annual financial performance 2010-2011, Mital stated that the company earned gross revenues of Rs 5,653 million, which is a 20 per cent increase from last year.

He added that IndianOil Mauritius already has 17 distributing points in Mauritius while three more will be set up in 2011-2012.

Moreover, he added that the market share of the company is around 24 per cent. Their target is to make this 30 per cent. He added that during the year 2010-11, the company sold more than 248 thousand KL of petroleum products. The quantity is 3 per cent more than what the company sold during the previous year.