Indian Oil may form subsidiary for retail assets to unlock value

Indian Oil Corp could create a subsidiary for its retail assets to help unlock value, the head of finance at India’s largest refiner said on Tuesday, a day after the government announced plans to monetise IOC’s pipeline assets.

“Presently it is not on our radar but a possibility of any such thing to unlock the value cannot be ruled out,” Sandeep Kumar Gupta said on an analysts call when asked if IOC plans to hive off its fuel retailing business into a separate company.

Finance Minister Nirmala Sitharaman in her budget for fiscal year from April, announced plan to monetise oil and gas pipeline assets of IOC, gas utility GAIL (India) Ltd and Hindustan Petroleum Corporation Ltd.