Reliance Industries Limited (RIL), a leading conglomerate has signed an agreement with British oil and gas major, BP Plc. to form a joint venture in fuel and mobility sector in India. The venture with a majority stake or RIL holding 51 per cent and the rest 49 per cent by BP, is expected to be formed after necessary regulatory and customary approvals by first quarter of FY2021.
The Joint Venture under the brand name ‘Jio-Bp’ will help Reliance expand its existing network of fuel retail stations from 1400 to 5500 and aviation fuel stations from 30 to 45 over a period of five years. This partnership will also help BP to increase its presence in one of the world’s most important energy markets rapidly growing in transport and aviation sectors. This partnership, on backs of experience and expertise would add value to the customers by delivering quality products and give a unique experience.