Reliance Industries and UK’s BP have agreed to form a new Joint Venture (JV) to set up 5,500 petrol pumps and retail aviation turbine fuel to airlines in India.
The joint venture will build on the company’s existing fuel retailing network of near 1,400 petrol pumps and an aviation fuel business. The final agreements will be reached during 2019 and, subject to regulatory and other customary approvals, the transaction will be complete in the first half of 2020.
The company will hold 51 per cent stake in the new joint venture, while BP will have the remaining 49 per cent. This joint venture would assume ownership of the company’s existing Indian fuel retail network and access its aviation fuel business.
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.