Reliance Industries (RIL) and BP have inked a definitive agreement relating to the formation of their new Indian fuels and mobility joint venture.
This follows the initial heads of agreement signed in August 2019. The venture is expected to be formed during H1/2020, subject to regulatory and other customary approvals.
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 5,500 retail sites and 45 aviation fuel stations over the next five years.
The retail network will operate under the Jio-BP brand. Castrol lubricants will also be available across the venture’s network.
The partners intend to set up a new joint venture company, held 51 percent by RIL and 49 percent by BP, that will assume ownership of RIL’s existing Indian fuel retail network and access its aviation fuel business.