Reliance Industries (RIL) and BP on Tuesday announced that they would form a new joint venture (JV) in the fuel retailing business across India.
The JV, where BP will have 49% ownership, will have the country’s largest private sector company’s existing fuel retailing sites and aims to own up to 5,500 such stations over the next five years. The financial details of the deal were not disclosed. The scope of the new JV also includes the aviation fuel business. At FY19-end, RIL had 1,372 fuel outlets across the country. Additionally, Reliance Retail – the company’s consumer retail chain – also operates 516 petrol pumps.
