The Indian Oil Group company said that an initial investment of around ₹400 crore has been planned for setting up petrol and diesel retail outlets over the next two to three years.
The initiative has received approval from the Ministry of Petroleum and Natural Gas, the company said in a filing on Wednesday.
The first phase of retail outlets is expected to be launched during CPCL’s Diamond Jubilee year. Site selection is currently underway and is being guided by market potential and strategic location analysis.
The rollout is being approached cautiously, with plans for further expansion into other states depending on market response and prevailing conditions. The initiative is aimed at meeting current fuel demand and strengthening CPCL’s footprint in the fuel retail segment.
This move is part of CPCL’s broader strategy to diversify its business portfolio and create long-term sustainable value.
Shares of Chennai Petroleum Corporation Ltd. are trading with gains of 0.51% higher on Wednesday at ₹654.45. The stock has fallen 10% in the last five trading sessions.
