Indian Oil Corporation (IOC) plans to invest Rs 81 crore in Mauritius to establish an oil terminal, aviation fuel station and retail service stations in a phased manner.
IOC will become the first Indian petroleum company to establish and operate retail outlets and allied services outside India.
A wholly-owned subsidiary IndianOil Mauritius Ltd has been incorporated for entering into the retail and aviation business.
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This is for the first time that the company will have a retail presence outside the Saarc region.