RIL seeks 10% rent waiver from its fuel retailers
MUMBAI: Faced with loss of income in its hydrocarbon business because of a slump oil prices and fuel demand, billionaire Mukesh Ambani-led Reliance Industries is seeking a 10% waiver on rent the company pays to its fuel retailers.
Reliance Industries Ltd (RIL) operates 1,400-odd fuel retail outlets. Of these nearly 500 are company-owned and dealer-operated wherein RIL has rented land from owners. It also has 30 aviation fuel stations across the country.
“Since RIL is bearing losses in its oil business, it has requested us for a 10% reduction in monthly rent for the next 10 months,” said an RIL fuel dealer on the condition of anonymity. In addition to codo, RIL also has outlets which are dealer-owned, dealer-operated and company-owned, company-operated.
