Reliance, BP ink deal to set up fuel retail stations under Jio-BP brand

Reliance Industries (RIL) on Monday said its joint venture with BP will retail fuel under the Jio-BP brand name. The two companies entered into an agreement for forming the joint venture on Monday, RIL said in a statement.
In August this year, RIL announced a joint venture with BP for its fuel retail business in India. The company on Monday disclosed details on the planned joint venture.
“BP and RIL today (Monday) signed a definitive agreement relating to the formation of their new Indian fuels and mobility joint venture. This follows the initial heads of agreement signed in August this year,” RIL said in a press statement.
The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals. It will include an India-wide fuels retail service station network and aviation fuel marketing business.
The note added that the fuel retail network will operate under the Jio-BP brand.