Reliance Industries (RIL) is likely to get around Rs 7,000 crore from British energy giant BP for selling a 49 per cent stake in its fuel retailing network. This is the third joint venture between the company and BP since 2011. Earlier, the two firms had announced a new joint venture to set up petrol pumps and retail aviation turbine fuel to airlines in India.
The company’s existing 1,400-odd petrol pumps, as well as 31 aviation fuel stations, will be transferred to the new joint venture where BP will hold 49 per cent equity stake. Reliance Industries will hold the balance 51 per cent in the entity, which aims to expand the retail network to 5,500 petrol pumps in the next five years.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.