NEW DELHI: Reliance Industries and UK’s BP plc have agreed to form a new joint venture to set up petrol pumps and retail aviation turbine fuel to airlines in India, the two companies said on Tuesday.
Reliance’s existing 1,400-odd petrol pumps, as well as 31 aviation fuel stations, will be transferred to the new joint venture where BP will hold 49 per cent equity stake. Reliance will hold the balance 51 per cent in the entity, which aims to expand the retail network to 5,500 petrol pumps in the next five years, the two firms said in a joint statement.
It, however, did not say if BP will pay Reliance any money for getting near half ownership of the 1,400-odd petrol pumps and jet fuel retailing facilities at 30 airports.
