Indian Oil Corporation Limited
17-Apr-2020 08:07

IndianOil inks MoU with Shriram Transport; To offer fuel credit to its customers digitally

Mumbai, March 12, 2020

IndianOil has signed an MoU with Shriram Transport Finance Company (STFC) today to extend the credit limit of STFC customers on purchase of fuel from IndianOil outlets.

This will enable STFC customers to efficiently purchase IndianOil fuel and lubricants through its wide network of IndianOil retail outlets.

Elaborating on the agreement, Mr. Vigyan Kumar, Executive Director (Retail Sales), IndianOil said, "The additional feature of credit facility through partnership with STFC will go a long way towards meeting the aspirations and requirements for small truck operators. This is the Year of Digitalization at IndianOil and this partnership would enable the customers to have card-less and cashless transactions."

Speaking about IndianOil's loyalty programme for fleet customers, he further said, "IndianOil has providing convenient, secure and rewarding fuel solutions through the XTRAPOWER loyalty programme for fleet customers. The patronage of our customers has made XTRAPOWER the largest loyalty program in the country."

This credit facility is an affordable low-cost working capital solution to monitor and control fuel expenses. The fuel finance service will be a cash/card-free transaction. Mr. Umesh Revankar, MD and CEO, STFC said, "STFC envisions filling the gap in providing end-to-end finance solutions to its customers. Hence, through this tie-up with IndianOil, we are serving the small road transport owner (SRTOs) and first time owner (FTOs) that form more than 70% of our customer base, with low-cost working capital."

About Indian Oil Corporation Limited: With a 33,000-plus work-force, extensive refining, distribution & marketing infrastructure and advanced R&D facilities, IndianOil has been providing energy access to millions of people across the length and breadth of the country through its ever-expanding network of customer touch points, currently numbering over 50,000. With a turnover of Rs. 6,05,924 crore and a net profit of Rs. 16,894 crore for the fiscal 2018-19, IndianOil is one the largest and most trusted corporate in the Country, touching the lives of over a billion Indians.

Sadhana Khera Mittal

Chief General Manager (Corporate Communications)

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