Madireddi Ramana: "IndianOil Has Increased its Turnover by 25%"

11 years, 11 months ago - May 10, 2012

IndianOil Mauritius Ltd (IOML), part of a big name Indian oil, dropped anchor on the island in 2001 and began operations in 2004. It will remain long in the service of Maurice. Madireddi Ramana, director IOML, made a presentation of the financial results of IndianOil in Mauritius.

IndianOil is the largest oil company of the Great Peninsula ...

With a turnover of $ 64 billion, IndianOil is the largest commercial enterprise in India. IndianOil is ranked 98th on the list of the largest Fortune 500 companies.In India, IndianOil and its subsidiaries hold 49% market share, 34% of refining capacity and 67% of retail chains.

IndianOil has 10 of the 20 refineries in India with a total production capacity of 65.8 million tonnes per year, or 1.36 billion barrels per day. We have a team of research and development that continually offers the most innovative solutions. The fact qu'IndianOil Mauritius Ltd (IOML) a subsidiary of such a large organization gives us the assurance that the decisions we make are always the best out there. We are here to stay.

What about the performance of IndianOil Mauritius Ltd since it came into operation in Mauritius?

We had a very interesting journey since our entry into operation ten years ago in Mauritius. Indian OilMauritius Limited (IOML) holds a 24% share of the local market for petroleum products. We are quite proud of the performance of our subsidiary in Mauritius, which recorded an increase of 25% of its turnover to Rs 7.06 billion in 2011-12, against Rs 5.6 billion last year. We operate in a highly competitive environment in Mauritius, and our profit margins are relatively low compared to our revenues. We realized Rs 141 million net profits in 2011-12, against Rs 139 million last year. Moreover, during the last ten years IOML Rs 750 million invested in infrastructure for storage and transport of petroleum products and gas stations. Our eighteenth station has just opened this week at Riche-Terre , and we are proud that two of our stations operate 24 hours and 24 seven days a week Our subsidiary in Mauritius brewed 257,000 kiloliters petroleum products, an increase of 3.6% over last year. We have a modern laboratory to test the quality of the products we offer to our consumers in the market.

What is your storage capacity and your overall business?

Our company has a modern terminal in Red Sea with a storage capacity of 27,000 kiloliters. However, due to growing our business in Mauritius, we will need additional capacity and the board gave its approval for the acquisition of a 'Tankage' of 5000 KL. IndianOil in the Mauritian market is growing and that is why we have continued to invest in storage capacity and service stations. IndianOil has generated more than 250 direct and indirect jobs in Mauritius. Since 'IndianOil Mauritius Ltd started its operations "of offshore bunkering barge-through", the "bunkering" has become a very important business for us.We believe that Mauritius can become a "major bunkering terminal" soon.

What about your accomplishments in terms of corporate social responsibility?

We have spent Rs 6.3 million for activities for the Corporate Social Responsibility last three years, including Rs 500,000 were allocated to SOS Village, and Rs 150,000 to the Heart Foundation Mauritius. We also sponsor projects in the field of sports, including Island Games Indian Ocean.

Text by Le Matinal

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