The deregulated oil scenario is forcing state-owned Oil and Natural Gas Corporation to plan a makeover of a different kind.

The corporation is chalking out a major branding exercise to reflect its new status as an integrated, global energy company.

It has begun working on a plan to introduce multi-brands for products that are coming out if its new forays into oil retailing, liquefied petroleum gas and petrochemicals (through the recently acquired Mangalore Refinery and Petrochemicals). But all these brands will be under a mother brand.

Senior ONGC executives said the company was in the process of identifying consultants for the branding strategy.

The consultants are expected to conceptualise a catchy brand name to truly reflect the corporation's businesses and build different logos to go with them.

ONGC's multi-brand strategy will be similar to that of Indian Oil Corporation, the refining and marketing major. IOC has several brands such as Indane for LPG and Servo for lubricants.

"We are even looking at a new corporate brand," the official added, while refusing to divulge details. This brand exercise is expected to be unfolded when ONGC sets up its first retail outlet later this year.

"We expect to commission at least one or two outlets as part of our retail initiative," Subir Raha, ONGC's chairman and managing director, said.

The corporation has received a nod from the government to set up 1,100 retail outlets across the country.

It plans to market petroleum products from the recently acquired Mangalore Refinery and Petrochemicals under ONGC's brand.

Raha expects the corporation to take at least five years to get its retail network operating at full capacity.

He claimed that the name of the game in the retail business was "availability of sites".

He pointed out that "the corporation has large swathes of real estate, of which a few sites can be utilised for setting up such outlets".

ONGC has pegged its capital investment at Rs 16,566 crore (Rs 165.66 billion) for 2003-2004. It intends to spend Rs 4,000 crore (rs 40 billion) on exploration, Rs 1,700 crore (Rs 17 billion) on developmental drilling, Rs 4,000 crore on capacity expansion, Rs 300 crore (Rs 3 billion) on research and development, and the remaining Rs 6,200 crore (Rs 62 billion) on its subsidiary ONGC Videsh.