Reliance, BP form joint venture for fuel retail under Jio-BP brand

Mumbai: Reliance IndustriesNSE 0.17 % (RIL) will expand its fuel retail business in a joint venture with British energy major BP under the brand ‘Jio-BP’ to a network of 5,500 petrol pumps in the next five years from 1,400 at present, the Mukesh Ambani-led company said late on Monday.

RIL and BP signed a definitive agreement on Monday to form the new Indian fuels and mobility joint venture after an initial agreement in August, an RIL statement said. The JV, where RIL will hold 51% and BP the balance 49% stake, will take ownership of RIL’s existing Indian fuel retail network and access its aviation fuel business.