Written By: Vikas Jha
Mukesh Ambani Reliance Industries and British conglomerate BP form fresh retail joint venture to set up 5,500 petrol pump outlets in 5 years
Reliance Industries recently entered into a contract with British energy major BP plc to form a new united endeavor that will comprise a retail service station setup and aviation fuels industry through India.
The RIL will have major stake of 51% in this new joint venture (JV) company and the remaining 49% stake will be enjoyed by BP. The JV will undertake possession of RIL’s present Indian fuel retail web of more than 1,400 locations across India. The associates purpose to expand the network of fuel retail stations rapidly to over 5,500 locations over the coming five years.
The project will also take in RIL’s aviation fuels trade, which at present functions at more than 30 airports across India. The company anticipated that final agreements will be stretched to 2019 and, succeeding obligatory consent, the business deal will be accomplished in the first half of 2020.
The first-hand project will strive for catering Indian buyer first-class differentiated fuels and other services at its grid of locations, benefitting from RIL’s widespread retail trade knowledge and market-leading access and digital association to customers by means of its Jio digital platform.
RIL and BP has time-honored trust, which initiated in 2011 when BP attained 30% stake in RIL’s collection of exploration and construction interests offshore India, consisting of the major KG D6 gas-producing block off the east coast. It stretched out in 2017 after the allies approved three new gas developments in the KG D6 block.
