Chennai Petroleum to re-enter fuel retail market with Rs 400 crore investment
Chennai Petroleum Corporation Limited (CPCL) has announced plans to set up retail fuel outlets for the sale of petrol and diesel, marking its return to the fuel retail segment after nearly 20 years. The initiative has received approval from the Ministry of Petroleum and Natural Gas.
CPCL has allocated approximately ₹400 crore as capital expenditure for this project over the next two to three years. The first phase of fuel retail outlets is expected to be launched during the company's Diamond Jubilee year.
Site selection for these outlets is currently underway, with decisions based on market potential and strategic location analysis. CPCL is taking a phased and cautious approach, with plans to expand into additional states depending on market response and operational conditions.
The move is part of CPCL's strategy to diversify its business operations and strengthen its position in the downstream petroleum sector.
Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
20 hours ago
- Business Upturn
Glenmark Pharma receives warning letter from US FDA for Indore facility
By Aman Shukla Published on July 12, 2025, 21:36 IST Glenmark Pharmaceuticals has received a warning letter from the United States Food and Drug Administration (US FDA) concerning its manufacturing facility in Indore, Madhya Pradesh. The regulatory action follows an inspection conducted by the US FDA between February 3 and February 14, 2025. The company clarified that the warning letter is not expected to impact the current supply chain or revenues generated from operations at the Indore site. Importantly, Glenmark stated that the US FDA observations did not include any data integrity issues. 'This warning letter will not affect the availability of our products in the market, and we remain focused on ensuring consistent supply without disruptions,' the company said in a statement. Glenmark reaffirmed its commitment to addressing all the concerns raised by the US FDA and said it is actively working with the agency to resolve the issues at the earliest. The company emphasized its adherence to Current Good Manufacturing Practices (CGMP) and maintaining high standards of quality and compliance across all facilities. This update follows Glenmark's earlier communication on May 9, 2025, regarding the Indore facility being classified as 'Official Action Indicated' (OAI) by the US FDA. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Business Upturn
a day ago
- Business Upturn
Amber Enterprises board approves enabling resolution to raise up to Rs 2,500 crore
Amber Enterprises India Ltd has announced that its Board of Directors, at a meeting held on July 12, 2025, has approved an enabling resolution to raise funds of up to ₹2,500 crore. The proposed fundraising will be through the issuance of permissible securities and is subject to necessary regulatory approvals and shareholder consent. This move was disclosed in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and follows the company's earlier intimation dated July 9. The company noted that further details regarding the type and mode of securities will be shared in compliance with SEBI's November 2024 circular, once finalized. Additionally, the Board approved the Notice of the 35th Annual General Meeting (AGM), which is scheduled to be held on Monday, August 11, 2025, at 3:00 PM IST. The AGM notice and the Annual Report for FY 2024-25 will be shared with the stock exchanges in due course. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Business Upturn
a day ago
- Business Upturn
Neogen Chemicals board approves Rs 200 crore fundraise via NCDs
Neogen Chemicals Limited has announced that its Board of Directors approved a fundraise of up to ₹200 crore through the issuance of fully paid, secured, listed, rated, redeemable, rupee-denominated non-convertible debentures (NCDs) on a private placement basis. These NCDs will have a tenure of up to 36 months and will be listed on BSE. Interest will be paid monthly, and the issuance will be secured by a subservient charge via hypothecation and mortgage. In a related development, Neogen received a compliance notice from BSE and NSE for non-mention of Regulation 17(1A) during the re-appointment of an independent director aged over 75 years. Although the re-appointment had already been approved via a special resolution at the 34th AGM held on September 5, 2023, both exchanges levied fines amounting to ₹3,61,080 each. The company has paid the fines and initiated corrective action through a postal ballot to reaffirm shareholder approval for the director's continuation. Neogen emphasized that the matter had no operational or financial impact on the company apart from the penalties. The official filings and disclosures are available on the company's website and stock exchange portals. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
