The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture in India between Reliance Industries Ltd (RIL) and BP Global Investments Ltd, a subsidiary of BP, of the UK.
In an official statement, it said, "The Commission concluded that the proposed acquisition would raise no competition concerns given that the joint venture will have no activities in the European Economic Area. The transaction was examined under the simplified merger review procedure."
On December 16, Reliance Industries Ltd and British energy giant BP Plc had entered into a joint venture to expand RIL’s fuel retailing network to 5,500 retail sites and 45 aviation fuel stations from current 1,400 retail sites and 30 aviation fuel stations across India over the next five years.
BP is the parent company of a global group of entities active, among others, in the exploration, production and marketing of crude oil and natural gas, refining, marketing, supply and transportation of refined products, petrochemicals and related products.