British Petroleum (BP) and Reliance Industries Ltd agrees upon Indian fuels and mobility joint venture

Magazine

By: Team Industry Outlook | Tuesday, 17 December 2019

British Petroleum (BP) and Reliance Industries Ltd have initiated a joint venture for the formation of their new Indian fuels and mobility business.
The Reliance Industries intends to inflate its fuel retail business by pooling resources with the British Petroleum. The company holds the objective of expanding to a network of 5,500 petrol pumps in the next five years.

The initial heads of agreement was signed in the month
of August this year. This coalition is marching toward effective development with the passing time. Taking into account the various regulatory and customary approvals, this consortium is expected to be established by the first half of 2020.

The company has issued a statement informing about their future endeavours saying, “The venture expects to expand from RIL's current fuel retailing network of over 1,400 retail sites and 30 aviation fuel stations across India to up to 5,500 retail sites and 45 aviation fuel stations over the next five years to become the most preferred provider of automotive and aviation fuels.”

Considering the statement, the joint venture will be striving to offer high-quality differentiated fuels, convenience and services."The partners intend to set up a new joint venture company, held 51 per cent by RIL and 49 per cent by BP, that will assume ownership of RIL's existing Indian fuel retail network and access its aviation fuel business," the company added.