Reliance Industries (RIL) and British energy giant BP plc have signed a partnership agreement relating to the formation of their new Indian fuels and mobility joint venture. The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals. The company currently has about 1,400 operating petrol pumps and some 30-odd aviation fuel stations at airports. These will be taken over by the RIL-BP joint venture and grown in future.
The company will hold 51 per cent in the new joint venture company, while BP will have the remaining 49 per cent. This will assume ownership of RIL's existing Indian fuel retail network and access its aviation fuel business. This is the third joint venture between Reliance and BP since 2011.
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.
