British multinational BP and Reliance Industries Limited (RIL) have proposed to form a new joint venture that will include a retail service station network and aviation fuels business across India. RIL and BP’s venture will incorporate and build on RIL’s current fuel retailing network of over 1,400 sites across India, which the partners aim to grow rapidly to up to 5,500 sites over the next five years.
The partners have agreed 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. “It is anticipated that 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,” RIL said in a statement.
