Indian Oil Corporation would set up retail outlets at Gurdaspur, Nakodar and Bhogpur cooperative sugar mills in Punjab.
“The collaboration of the Indian Oil Corporation (IOC) and Punjab Cooperation Department augurs well for the cooperation sector as the latter possesses immense potential waiting to be richly harnessed to ensure the economic turnaround of Punjab,” said the state Cooperation Minister Sukhjinder Singh Randhawa on the occasion of handing over of Letters of Intent (LOI) by the Indian Oil Corporation regarding setting up of IOC retail outlets.
Randhawa said that the Cooperation sector is fast emerging as the game changer world over in strengthening the economic infrastructure and “the handing over of Letters of Intent today would lead to the augmenting the income of the cooperation sector institutions of the State with Markfed, Milkfed and Sugarfed being able to sell their products at these outlets”.
Notably, an MoU had been signed recently between the Cooperation Department and the Indian Oil Corporation for setting up retail outlets on the surplus vacant land available with cooperative institutions.
That was the first such MoU with Cooperation Department of any State in India. It entailed to construct facilities for these outlets by the Indian Oil Corporation. The Letter of Intent with regard to the Morinda Sugar Mill has already been issued.
