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Merged PSU energy giant to have global edge B Ashok IOC Chairman
MUMBAI: The merger of state-run energy companies will provide India the muscle to acquire assets abroad and negotiate better, but the business model of the new entity thus created will be key to its success, chairman of the country’s largest oil marketing firm said.
Energy is critical and strategic for the growth that India aspires for,” Indian Oil Corp chairman B Ashok told ET. Consolidation would help us strengthen, leverage and enhance our position more strongly in the international market. This will not happen overnight and we will have to work on different models, but it is the way forward.
“The thought process for being consolidated across the value chain has been in place for a long time. IOC has believed in this model and has been working towards it. Simultaneously, we have been removing duplications in our operations and staff,” he said.
“Industry has grown a lot and those concerns are not relevant anymore. This is the right time for such a move,” IOC chairman said. Energy.economictimes
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