New Delhi: State-owned oil marketing company Hindustan Petroleum Corporation Ltd is looking at a possible tie-up with Reliance Industries Ltd to expand its oil retailing business.
With retail diesel prices inching towards market rates, and petrol already de-regulated, the oil retailers are now reviewing their business strategies.
Benefits for both
HPCL is keen to expand its retailing operations, while Reliance Industries, having burnt its fingers earlier, wants to reduce its risks.
Reliance Industries, led by Mukesh Ambani, maintained that it is always looking for business opportunities, while HPCL termed the move “very preliminary”.
An official in the Ministry
