Chennai Petroleum to re-enter fuel retail market with Rs 400 crore investment
Chennai Petroleum Corporation Limited (CPCL) has announced plans to set up retail fuel outlets for the sale of petrol and diesel, marking its return to the fuel retail segment after nearly 20 years. The initiative has received approval from the Ministry of Petroleum and Natural Gas.
CPCL has allocated approximately ₹400 crore as capital expenditure for this project over the next two to three years. The first phase of fuel retail outlets is expected to be launched during the company's Diamond Jubilee year.
Site selection for these outlets is currently underway, with decisions based on market potential and strategic location analysis. CPCL is taking a phased and cautious approach, with plans to expand into additional states depending on market response and operational conditions.
The move is part of CPCL's strategy to diversify its business operations and strengthen its position in the downstream petroleum sector.
Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
an hour ago
- Business Upturn
Godrej Agrovet launches ‘Ashitaka' herbicide for maize farmers in India
Godrej Agrovet Limited, one of India's leading diversified agri-business companies, has introduced a new herbicide named 'Ashitaka', developed in partnership with ISK Japan. The product is specifically designed for maize cultivation, offering farmers an innovative solution to control grasses and broad-leaved weeds, which remain one of the biggest challenges in maize farming. Weed infestation during the early growth stages of maize often leads to reduced yields. Ashitaka, when applied at the 2–4 weed leaf stage, helps ensure effective weed management, thereby supporting healthier crop development and higher productivity. India holds the 4th position globally in maize acreage and ranks 5th in annual maize production. With rising demand driven by livestock feed, starch, biofuels, and processed food industries, maize has become an increasingly important crop for India's growing economy. However, farmers continue to face hurdles such as limited access to quality inputs, rising pest infestations, and the growing impact of climate change. By introducing research-driven agri-solutions like Ashitaka, Godrej Agrovet aims to empower maize farmers with better crop protection tools and ensure sustainable growth in maize production, helping the crop maintain its significance in India's agricultural landscape. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Business Upturn
an hour ago
- Business Upturn
Vedanta shares fell sharply over 2% as Centre and SEBI raise objections over demerger plan
Vedanta shares fell 2% sharply after the company's proposed demerger plan faced serious objections from the Central government as well as a 'warning' issued by market regulator SEBI. The development has cast fresh uncertainty over the mining major's restructuring move. During the latest hearing before the National Company Law Tribunal (NCLT), the Centre strongly opposed Vedanta's demerger scheme, stating that it had 'serious objections' to the way the company presented its plan. Government representatives argued that the scheme could hinder the recovery of dues and pointed to alleged concealment and non-disclosure of critical details. They further flagged concerns over 'inflated revenues' and 'concealed liabilities.' The Centre also highlighted that Vedanta made modifications to its demerger scheme after receiving a No Objection Certificate (NOC) from SEBI and the stock exchanges, which it claimed undermines transparency. Confirming these concerns, SEBI told the tribunal that Vedanta had indeed altered its scheme post-NOC, terming it a 'serious breach' of the regulator's Master Circular. SEBI also revealed that it had issued an administrative warning to Vedanta, stressing that such modifications are not permissible once a clearance has been granted. SEBI added that the company is required to place the regulator's warning before its Board of Directors. Given the mounting objections, the NCLT has deferred further hearing on the matter to September 17, prolonging the uncertainty for Vedanta and its investors. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Business Upturn
3 hours ago
- Business Upturn
Aurobindo Pharma denies media reports on $5.5 billion Zentiva buyout
Aurobindo Pharma Limited has issued an official clarification regarding media reports suggesting that the company is closing in on a potential $5.5 billion acquisition of Zentiva. The clarification, filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, states that while the company routinely explores strategic opportunities such as acquisitions and partnerships to strengthen its long-term growth, no binding agreement or definitive decision has been taken by the Board of Directors in connection with the rumored Zentiva deal. The company emphasized that the media reports are premature and speculative, and investors should not rely on such information. Aurobindo Pharma also assured that in case of any concrete development that warrants disclosure under SEBI regulations, it will promptly make an official announcement to the stock exchanges. With this clarification, Aurobindo Pharma reiterated its commitment to maintaining full compliance with SEBI disclosure requirements and ensuring transparency for its stakeholders. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
