IOCL is going to start production of fuel used in Formula 1 in the next three months.
Government petroleum company Indian Oil Corporation Ltd. (IOC) has made one innovation after another in fuel grade. Now the public sector company has its eyes on Formula One and in the next three months it will start producing fuel used in the adrenaline pumping Formula-One (F1) motor racing. The company is taking steps in this direction as part of its strategy to expand in the specific fuel sector.
Will be included in some companies of the world
IOC Chairman Madhav Vaidya said that the production of petrol used in Formula One car racing will start in the company's Paradip Refinery in three months. IOC, the country's largest petroleum company, has 40 percent share in India's fuel market. It will be the first company in the country and among the few selected companies globally to produce Formula One fuel.
In which vehicles will it be used?
Vaidya said that the company hopes that its Formula-One fuel will get certification in three months. After this, it will compete with global companies like Shell to supply this fuel to the F-1 team. IOC already has three branded fuels. This also includes the high-selling ExtraGreen diesel. Formula One fuel is such that it gives quite remarkable performance. Vaidya said that the company has entered the racing segment with the introduction of Storm Patrol. Storm is used in the motorcycle racing sector.
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iocl shares
A rise in IOCL shares may be seen next week. At present IOCL shares are at Rs 174.50. On Thursday, the company's shares closed with a decline of one and a half percent. At present the market cap of IOCL is Rs 2,46,415.61 crore. However, IOCL shares have given a return of 140 percent in the last one year. The company's profit in the last three quarters has also been excellent. The company's profit in the fourth quarter may be between Rs 8 to 10 thousand crores.
Source: www.tv9hindi.com
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