Reliance Industries Ltd (RIL) and British energy giant BP Plc have entered into a joint venture to expand RIL’s fuel retailing network.
Oil to telecom major Reliance Industries Ltd (RIL) and British energy giant BP Plc have entered into a joint venture to expand RIL’s fuel retailing network to 5,500 retail sites and 45 aviation fuel stations from current 1,400 retail sites and 30 aviation fuel stations across India over the next five years.
RIL in a statement on Monday said that the retail network will operate under the Jio-BP brand. The partners intend to set up a new joint venture company, held 51 percent by RIL and 49 percent by BP. The venture is expected to be formed in the first half of 2020, it added.
“BP and Reliance are combining their knowledge, expertise and experience to provide Indian consumers world class products and services. We believe that together we will bring solutions that will benefit the fast-growing Indian market,” said Mukesh Ambani, chairman, RIL.
“India is one of the world’s most important energy markets – its transport and aviation sectors are growing and evolving rapidly. We aim to meet the country’s growing demand for mobility solutions, high-quality fuels and services through this new venture. This major expansion of our business here reinforces our long-term commitment to India,” said Bob Dudley, BP’s group chief executive.
The new venture will start its fuels retail service station network and aviation fuel marketing business across India.
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