In a sort of reversal of roles, the state owned Indian Oil Corporation (IOC) has decided to open petrol pump outlets within the premises of the shopping malls, hyper markets and supermarkets owned by the Kishore Biyani controlled Future Group.
Likewise the Future Group would also be allowed to set up retail shops of its Food Bazaar and other brands at the IOC owned fuel pump premises in towns and on highways.
“This would help the Future Group to reach virgin markets, particularly, in semi-urban and highway segments where IOC had a huge presence,” said Kishore Biyani.
According to plans, while large format stores would be operated by the Future Group , smaller stores would be run by IOC dealers as franchisees, who would source their merchandise from Food Bazaar, etc.
The companies would also undertake joint marketing plans and loyalty programmes to promote business, reports PTI.